BNY Mellon flags growth

wealth-management/cent/chief-executive/

11 October 2007
| By Mike Taylor |

Big US institution BNY Mellon has flagged its intention to pursue rapid growth in the global wealth management arena suggesting it may increase its sales force by as much as 100 per cent in the next few years.

BNY Mellon flagged its intentions at a Reuters Wealth Management Summit this week with the chief executive of BNY Mellon Wealth Management, David Lamere, describing wealth management as a $100 trillion industry.

He said that BNY Mellon was adding on the sales side and that numbers could increase by 50 to 100 per cent over the next few years.

Lamere said that while the company had been historically strong in the US, it wanted to flex its muscle overseas.

“Over the next three to four years, I see us adding people internationally,” he said.

Lamere acknowledged at the summit that BNY Mellon would face challenges in hiring from a limited industry talent pool, but said the company’s focus was more on grooming its internal staff and looking to alternate industries instead of poaching other bank’s wealth management teams.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS