Mellon Financial merged three affiliates into a single asset management organization focused on fixed-income investing. The new company, Standish Mellon Asset Management, is made up of Standish Mellon, Certus Asset Advisors and Mellon Bond Associates. The combined organization will have $125 billion in assets under management and will be headquartered in Boston, with offices in Pittsburgh and San Francisco.
Bill Adam, Mellon Bond CEO, will become Standish Mellon Asset CEO. Ted Ladd, chairman of Standish Mellon, will retain that title; and Rob McCormish, president and CEO of Certus, will join the executive management group of Standish Mellon. A decision as to who will be CIO has not yet been determined, said said Joseph Ailinger, Mellon spokesman.
No layoffs are planned, he said.