BNY Mellon's wealth chief to step down
BNY Mellon Wealth Management is losing its leader.
The firm confirmed news that CEO Donald Heberle will leave his post as the end of March.
Mitchell Harris, the CEO of BNY Mellon Investment Management, will assume direct oversight of the business as the firm searches for Herbele's replacement, Jill Kremins, a spokesperson for the firm said.
The executive's decision to leave was mutually agreed on after discussions with the bank's leadership, she said.
Heberle's upcoming departure was first reported by the Pittsburgh Business Times.
Herbele has served as the firm's CEO since July 2015. Prior to that, he was the firm's executive director responsible for wealth strategy and international wealth management. In that role, he oversaw the firm's international wealth management business, family wealth advisory and wealth and estate strategist groups, and client-service delivery strategy.
Herbele joined BNY Mellon Wealth Management in 1997 to manage family office client portfolios, later assuming full management responsibility for the family office business.
His interim replacement, Harris, will work closely with the firm's wealth management leadership team, according to Kremins.
Harris was named CEO of BNY Mellon Investment Management in February 2016, having previously served as president. He is also a member of the company's executive committee, the senior-most governing body of the corporation. Harris joined BNY Mellon in 2007 as chairman of fixed income, cash and currency.
BNY Mellon Wealth Management had $238 billion in total client assets at the end of 2017, according to the firm. It declined to provide the number of advisors it employs.