US - Mellon Financial Corporation has combined its Dreyfus Mutual Fund sector with its Institutional Asset management sector to create a combined organisation Mellon Asset Management (MAM).
Effective from 1 January 2006, MAM will be led by vice chairman Ronald P. O’Hanley and vice chairman Stephen E. Canter, who will remain ceo and chairman of The Dreyfus Corporation, will report to O’Hanley.
Mellon chairman and CEO, Martin G. McGuinn said: “The creation of Mellon Asset Management reflects the fact that in the asset management business, clients for the retail and institutional segments are fast converging as individual investors and their advisors are seeking the consistency of process, personnel and performance that institutional products offer.”
Canter added: “The move will ultimately mean better service for our Dreyfus fund shareholders.”
In addition to The Dreyfus Corporation, MAM also includes UK-based Mellon Global Investments and Newton Investment Management. Mellon has approximately US$4.5 trillion in asset under management to date.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.