The BNY Mellon Investment Management boss has indicated he will be retiring from October, with the division electing its first female chief to take his place.
Mitchell Harris, chief executive of BNY Mellon Investment Management, which includes the wealth and investment businesses, has declared his intention to step down after four years in the role.
Hanneke Smits, CEO of BNY Mellon subsidiary Newton Investment Management and non-executive director at Bank of England will take over from Mr Harris in leading the group’s investment management segment.
Meanwhile Catherine Keating will continue in her role as CEO of BNY Mellon Wealth Management.
Both Ms Smits and Ms Keating will report to BNY Mellon CEO Todd Gibbons.
Ms Smits will also join the group’s executive committee.
Mr Gibbons said she had “spearheaded Newton’s business momentum and client-centric culture”.
Speaking on Mr Harris, he added: “During a period of tremendous change in the investment landscape, he helped position our multi-boutique model and launch new investment capabilities, leaving us well positioned to meet the evolving investment needs of our clients.
“Mitchell has cultivated a strong bench of leaders, including Hanneke and Catherine, who will continue to drive the execution of our strategic priorities to deliver leading investment solutions to our clients underpinned by exceptional investment performance,” he said.
Ms Smits will continue in her role as Newton IM CEO until October. A search is underway for her replacement.
Ms Smits has held the position since 2016. She has a reported three decades’ experience in financial services, including serving as a chief investment officer and member of the executive committee at private equity firm Adams Street Partners.
She is also co-founder and former chair of Level 20, a not-for-profit which advocates for women in the private equity industry.
Speaking on her new appointment, Ms Smits said: “We have made great progress in building a diversified investment portfolio to help our clients achieve their investment goals.”
“We will build on this strong foundation to continue to drive performance and innovation across our investment products, while also serving as a trusted partner for our clients in today’s rapidly changing investment environment,” she said.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
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