Deals & People August 4, 2010

BNY Mellon Announces New CEO of Asset Management

Curtis Arledge will be joining BNY Mellon as vice chairman of the corporation and chief executive officer of BNY Mellon Asset Management.
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Arledge will report to Robert P. Kelly, BNY Mellon’s chairman and chief executive officer. It is expected that Arledge will join BNY Mellon in the fourth quarter of 2010.   

He will also have executive leadership responsibility for the company’s wealth management business. Lawrence (Larry) Hughes, chief executive of BNY Mellon Wealth Management, will report to him.    

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According to the announcement, Arledge was the chief investment officer for BlackRock’s fundamental fixed income portfolios.  He has also served as co-head of U.S. Fixed Income at the firm and brings more than two decades of asset management and investment banking experience and leadership to BNY Mellon.  

Prior to joining BlackRock in 2008, Arledge held several leadership roles at Wachovia Corporation from 1996-2008.  He was the global head of the Fixed Income Division and a member of the Corporate and Investment Bank’s Executive and Risk/Return Committees. He had oversight for various business lines in the United States, Europe and Asia, including Leveraged Finance, Investment Grade, Global Rates, Structured Products, Corporate Loan and Commercial Real Estate Portfolios and Financial Institutions Investment Banking.  

From 1993 to 1996, Arledge was a founding member of Mariner Investment Group, specializing in fixed income arbitrage trading. From 1988 to 1993, he was a fixed income portfolio manager at BlackRock. A graduate of Princeton University, Arledge began his career as an analyst with Salomon Brothers in 1987.   

Mitchell Harris, who is serving as interim head of the asset management business, will continue in his role as chairman of BNY Mellon Asset Management’s Fixed Income, Cash and Currency Group after Arledge joins the firm and will report to him.
Products August 4, 2010

BNY Mellon Enhancements Aid in Complying with New Reporting Rules

BNY Mellon Asset Servicing has enhanced its Workbench platform to help institutional investors comply with new accounting standards that require them to report the industry ratings of their counterparties when over-the-counter (OTC) derivatives are held.
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The new service displays short- and long-term ratings for counterparties and related entities as well as additional information about the underlying security or index.  By combining accounting and analytical information, clients are able to see a consolidated view of their counterparty exposures.   

The Workbench enhancement delivers the ratings from all three major agencies, Moody’s, Standard & Poor’s, and Fitch.   

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A press release said the new reporting functionality further extends the scope of BNY Mellon’s Derivatives360, which supports derivatives throughout their lifecycle.  

The enhancements were specifically designed to help U.S. Government reporting clients meet the requirements of Governmental Accounting Standards Board (GASB) Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, according to the announcement.

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