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Bloomberg
Curtis Arledge, a vice chairman of Bank of New York Mellon Corp. and chief executive officer of its investment-management unit, is leaving to pursue other opportunities.
Mitchell Harris, 61, will replace Arledge in the CEO position, effective immediately, New York-based BNY Mellon said Tuesday in a statement. Harris, who already oversaw the day-to-day management of the company’s investment businesses across the globe, will report to BNY Mellon CEO Gerald L. Hassell.
BNY Mellon had $1.63 trillion in assets under management as of Dec. 31. The bank manages money across 13 separate boutiques, including Boston-based fixed-income specialist Standish, which Harris ran from 2004 to 2009. Most recently, he was president of investment management.
“Mitchell has an impressive track record in the investment management industry,†Hassell said in the statement.
Severance Benefits
Arledge, 50, came to the bank in 2010 from BlackRock Inc., the world’s largest money manager. At the time the bank managed $1 trillion, so those assets rose about 60 percent under his tenure.
BNY Mellon, in a filing, said Arledge will receive benefits consistent with his participation in the bank’s executive severance plan.
The bank’s stock declined 15 percent this year, in line with the Standard & Poor’s index of asset managers and custody banks.
Activist investors Marcato Capital Management and Nelson Peltz’s Trian Fund Management targeted the company after it lagged behind rivals in key measures of profitability. Edward Garden, one of Trian’s co-founders, was named to the bank’s board in December 2014.