There's a new chief at Bank of New York Mellon's wealth management unit. A spokeswoman for the New York-based bank confirmed that former wealth management chief David Lamere resigned from BNY Mellon last month and that Lawrence Hughes has stepped up to fill the role.

The move follows the recent departure of Lamere's counterpart atop the asset management unit, Ron O'Hanley, who is jumping to Fidelity this summer to lead corporate services and asset management (see The MFWire, 5/10/2010). According to an SEC filing, O'Hanley will leave BNY Mellon by August 8. The bank has yet to name a permanent successor for O'Hanley, but Mitchell Harris and Jonathan Little are currently filling O'Hanley's shoes on an interim basis.

Hughes, a 19-year company veteran who now reports to BNY Mellon chairman and CEO Robert Kelly, previously served as president of U.S. markets for BNY Mellon's wealth management unit. That unit works with $157 billion in private client assets.

"Larry's appointment ensures the continuation of a successful growth strategy that has resulted in 17 consecutive quarters of positive long-term asset growth," Kelly stated.

Bloomberg and Dow Jones both reported on the news.

Company Press Release

NEW YORK, May 17, 2010 - BNY Mellon has appointed Lawrence Hughes as chief executive officer of BNY Mellon Wealth Management. Mr. Hughes will report to Robert P. Kelly, chairman and chief executive officer of BNY Mellon.

Mr. Hughes has been serving as president of U.S. Markets for BNY Mellon Wealth Management, responsible for all client-related and sales activities for the company�s wealth management business. He has been with the company for 19 years, serving in a variety of increasingly senior roles, including chief operating officer of Mellon�s Private Wealth Management group and executive director for BNY Mellon Wealth Management�s Eastern U.S. Markets. He replaces David F. Lamere who has announced his resignation from the company.

�Larry�s appointment ensures the continuation of a successful growth strategy that has resulted in 17 consecutive quarters of positive long-term asset growth. He and the experienced leadership team across the wealth management organization will ensure outstanding continuity for our clients and our employees,� said Robert P. Kelly, chairman and chief executive officer of BNY Mellon. �Larry and Dave have worked together to craft a winning strategy for the business and I have great confidence in Larry�s ability to lead the execution of our growth plans. I want to thank Dave Lamere for his outstanding 27-year career at our company, his relentless commitment to client service excellence and his many contributions to our success.�

BNY Mellon Wealth Management is among the nation's leading wealth managers, with more than two centuries of experience in providing investment management, wealth and estate planning, and private banking services to financially successful individuals and families, their family offices and business enterprises, charitable gift programs, and endowments and foundations. It is among the top 10 U.S. wealth managers with $157 billion in private client assets and an extensive network of offices in the U.S. and internationally.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.

Edited by: Neil Anderson, Managing Editor

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