In an announcement late yesterday, Bank of New York Mellon's money management division said that Arledge will join as vice chairman and head executive in the fourth quarter of 2010. Mitchell Harris, the current interim CEO, will be relieved of the management role and assume his previous post as vice chairman of the fixed-income, cash and currency group, the Aug.
3 press release said.
Back in May, the asset management business named Harris and Jon Little as co-interim heads when its former President and CEO Ronald O'Hanley announced that he would be leaving the firm. And just last week, news outlets reported that Little would resign from his role to head a new global asset management initiative at Kedge Capital, a family office of Swiss-entrepreneur Ernesto Bertarelli. A spokesperson from Kedge Capital confirmed this measure to IMW.
In addition to his asset management position, Arledge will also have executive leadership over financial service¹s juggernaut's wealth management arm as well, the statement explained.
"We are delighted that Curtis is joining us at a time when our asset and wealth management franchise is growing, fueled by an unrelenting focus on investment performance and superb client service by our team worldwide," BNY Mellon Chairman and CEO Robert Kelly said in his comments.
Alternately, in a separate Tuesday announcement, BlackRock stated that it has named Rick Rieder, its previous head of corporate credit and deputy CIO of fixed-income, to replace Arledge.
Prior to his BlackRock appointment in 2008, Arledge, the roughly 20-year asset management and investment banking veteran, held several leadership bond roles at Wachovia. Additionally, he was a founding member of Mariner Investment Group, a fixed-income arbitrage trading firm.
Currently, BNY Mellon has $21.8 trillion in assets under custody and administration and nearly $1 trillion in assets under management, the firm said.