US - Mellon Financial has set up a new asset management unit, specialising in actively managed growth equities for its institutional clients.
The new division, Mellon Growth Advisors, will be based in Boston. Mellon also announced that it has hired three State Street Global Advisors (SSgA) managers to act as lead portfolio managers for the new unit. The former SSgA trio are Edward Allinson, David Smith and Emerson Tuttle.
Francis Antin, currently president and chief executive officer (CEO) of The Boston Company Asset Management (TBCAM), has been named as the firm's new president and CEO. Robert Potvin, vice-president of TBCAM, will be in charge of sales, marketing and client service at the new firm.
Presently, the new firm is in the process of registering as an investment advisor with the US Securities and Exchange Commission. In the interim, investment services will be provided by TBCAM, another Mellon asset management division.
Mellon vice chairman, Ronald O'Hanley, said of the new firm: The formation of Mellon Growth Advisors is an integral part of Mellon's long-term strategy of expanding its high-growth asset management businesses and providing breadth and depth of expertise to its investment clients. It also reflects our commitment to help our clients capitalise on the continued long-term growth prospects for select US and non-US companies.
In addition to Mellon Growth Advisors, Mellon offers asset management services through TBCAM, Certus Asset Advisors, Franklin Portfolio Associates, Mellon Bond Associates, Mellon Capital Management, Mellon Equity Associates, Prime Advisors, Standish Mellon Asset Management and Newton Investment Management and Pareto Partners in the UK.
In the aftermath of the Mellon defections, SSgA has moved quickly to fill the gaps caused by Allinson, Smith and Tuttle's departure. Kim Gluck will run the firm's US large cap team, whilst Ben Kottler will take charge of international growth. The US small cap team will be lead jointly by Alexi Makkas and John Pickart.
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