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Rating:Will Pardi's BNY Hiring Spree Stop Anytime Soon? Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 22, 2014

Will Pardi's BNY Hiring Spree Stop Anytime Soon?

Reported by Tommy Fernandez

So, another senior sales executive has joined BNY Mellon's ranks, or in this case, Dreyfus.

Ryland Pruett, former national sales manager for wirehouses for Neuberger Berman, has joined Dreyfus as national sales manager, according to this company statement.

According to a company spokesperson, Pruett will be "responsible for building out the sales force in the US for Dreyfus. And he is part of a broader effort to reach individual investors across the globe."

The hiring comes just a week after the hiring of Kimberly Mustin as head of North American distribution for Dreyfus, as well as a number of senior management shuffles over the past year.

The company spokesperson outlined for MFWire the current senior sales structure for BNY and Dreyfus in this way:

PeterPaul Pardi serves as global head of distribution for BNY Mellon.
Mustin reports to Pardi, and in North America, oversees centralized distribution and consultant relations across Dreyfus as well as retirement and institutional markets.
Andrew Provencher, who serves as head of U.S. retail sales, reports to Mustin.
Pruett reports to Provencher.

Will there be any other senior sales hires? The BNY spokesperson declined to say, but according to comments made today by Curtis Arledge BNY's vice chair and chief executive officer of investment management, it looks like there will be continued hiring in the trenches.

The comments were made during the firm's analyst call regarding its Q1 2014 earnings, which were transcribed here by SeekingAlpha.

Here are the comments, which were directed to Sanford & Bernstein analyst Luke Montgomery:

We’ve talked about expanding our sales force by about 50% about a year-ago and we’re about 60% already through that expansion. Starting to see revenues from having done that and we’re really quite excited about it. It’s just bringing the great offerings and investment offerings we have around our firm plus the power of being private bank and I’ll highlight you that what we know in our earnings release, well we are named top ranked bank, our wealth management team is doing an exceptional job and expanding that reach is going to be fantastic.

The other way we are expanding the individual investors, the second method is through intermediaries where we work with advisors and there has been some coverage of this and what’s going on with us. I’ll highlight this is not a startup effort on our part. In fact, Dreyfus was one of the original creators of mutual fund industry and BNY MELLON that has both U.S. presence to drive this but also has the global presence. We’ve about $156 billion in long-term mutual fund assets. Which would make us $200 million just on retail basis, on what is 100 asset managers on a whole just on a retail asset base.

So we already have a pretty significant presence here, but it isn’t anywhere close to what we think it should be. So we’ve also been investing there. And I think if when you look at firms you have margins higher than ours. They’re able to take your investment offerings and get them through client channels. They are not just institutional but also reach individuals as well and interrupt while in doing that. We do a lot work like, look I talk about the study that – we used Mackenzie. We think Mackenzie’s benchmarking study is one of the best in the marketplace and we got actually right out or slightly above peers who look like us. So that’s sort of long-winded answer to your marketing question.

According to BNY chairman and chief executive, BNY's assets under management for the quarter were $1.62 trillion, 14 percent from a year ago. 

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