Newton chief executive Hanneke Smits has been promoted to head up BNY Mellon Investment Management as existing boss Mitchell Harris prepares to retire.
Smits, who took over as Newton CEO from Helena Morrissey in August 2016, will succeed Harris on 1 October. Newton, a subsidiary within BNY Mellon IM’s multi-boutique structure, is currently searching for a successor to replace her.
Her appointment means BNY Mellon’s investment management and wealth management businesses are now both headed up by women with Catherine Keating remaining in place as chief executive of BNY Mellon Wealth Management. Collectively the businesses have $1.8trn (£1.4trn) assets under management.
Smits said: “We have made great progress in building a diversified investment portfolio to help our clients achieve their investment goals. We will build on this strong foundation to continue to drive performance and innovation across our investment products, while also serving as a trusted partner for our clients in today’s rapidly changing investment environment.”
She will report into BNY Mellon chief executive Todd Gibbons, who is based in New York and was only appointed to his role on a permanent capacity in March having been interim CEO since September last year.
Gibbons said Smits had “spearheaded Newton’s business momentum and client-centric culture”.
He also paid tribute to Harris, saying: “During a period of tremendous change in the investment landscape, he helped reposition our multi-boutique model and launch new investment capabilities, leaving us well positioned to meet the evolving investment needs of our clients.”
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