Lindsay Wright, previously of Invesco, has joined BNY Mellon IM as the firm rebuilds after major cutbacks last year. It has also named a new Asia head of intermediaries.
The firm has begun to search for a regional CEO after an internal email confirmed Alan Harden had opted to return to California to spend time with family by the end of this year.
The firm admitted the market for its separately managed accounts business was slower than it expected, even as one Malaysian private bank announced the launch of the platform.
The firm has shelved its separately managed account unit for wealthy people in Asia and let up to 50 staff go in Hong Kong and Singapore, AsianInvestor understands.
The US firm wants to add specialist expertise and is also looking for sub-advisory partners, says Asia-Pacific chief Alan Harden. He also voices concerns about growing regulation.
The future of the firm's Asia retail business has been questioned after senior departures. Sources cite rising costs and tightening regulatory requirements as contributory factors.