PITTSBURGH — Mellon Financial combined its Dreyfus mutual fund unit with its institutional asset management business, Mellon Institutional Asset Management, to form Mellon Asset Management, confirmed spokesman Ron Gruendl.
Mellon Financial Vice Chairman Ronald P. O'Hanley will be president of the combined business, and Vice Chairman Stephen E. Canter, who remains chairman and CEO of Dreyfus Corp., will report to Mr. O'Hanley, said Mr. Gruendl. Mr. O'Hanley also was president of Mellon Institutional.
No layoffs are planned. The decision to combine the units — part of Mellon's efforts to align its asset management and distribution services — has been in the works for several months, Mr. Gruendl said.
In addition to Dreyfus Corp., Mellon Asset Management also includes Mellon Global Investments and Newton Investment Management.
"This is not a cost-driven move," Mr. O'Hanley said in an interview, explaining that Mellon Financial wanted to better organize its asset management and distribution units.
Mellon Financial has $766 billion in assets under management.