David A. Daglio Jr. will step down as active equity CIO at Mellon Investments, an affiliate of BNY Mellon Investment Management.
The change comes after Mellon implemented a co-CIO leadership structure on its active equity team in recent months.
Mr. Daglio, who is also an executive vice president and portfolio manager at Mellon, will relinquish his role as active equity CIO as well as portfolio management responsibilities on the opportunistic value team, effective Friday, a BNY Mellon spokesman said in an email.
"He remains a member of Mellon's board of directors and will continue to influence Mellon's direction and long-term success as a board director," the spokesman wrote, noting that Mr. Daglio "has not left Mellon."
Mr. Daglio couldn't immediately be reached.
Mr. Daglio was appointed sole CIO for active equity in November 2017, after BNY Mellon Investment Management announced plans to consolidate three of its money management affiliates — Mellon Capital Management, Standish Mellon Asset Management Co. and Boston Co. Asset Management — to form one multiasset manager called Mellon.
Prior to the consolidation, Mr. Daglio was senior managing director and head of opportunistic value strategies at Boston Co.
On Nov. 6, Boston-based Mellon moved to a co-CIO structure on its active equity team, however, appointing Mark A. Bogar and John R. Porter III as CIOs alongside Mr. Daglio, the spokesman wrote in an email.
Mr. Bogar, who has been at the firm for 12 years, oversees the emerging market and thematic portfolio management teams, while Mr. Porter has been at the firm for three years and oversees the U.S. large-cap value strategies and team as well as strategies managed by global research analysts, according to the Mellon's website.
On Feb. 11, Patrick Kent joined Mellon as a senior portfolio manager to assume management of the opportunistic value strategies and investment team for Mr. Daglio, according to the spokesman.
Mr. Kent joined the firm from Wellington Management, where he was a portfolio manager and co-managed the firm's global all-cap equity impact investing strategy.
Last month, the joint retirement investment board for the Town of Fairfield, Conn., voted to terminate Mellon as manager of a $22 million domestic active equity strategy, citing personnel changes and underperformance as driving the decision, Pensions & Investments reported Monday.
The Fairfield investment board jointly oversees the Town of Fairfield Employees' Retirement System and the Town of Fairfield Police and Firemen's Retirement System, which had $378 million in combined assets as of the end of February.
Robert Mayer, the town's chief fiscal officer, declined to provide details on specific personnel changes that drove the decision to terminate Mellon. But draft minutes from Fairfield's Feb. 27 joint retirement investment board meeting, where board members voted to terminate Mellon, note personnel changes involving Mr. Daglio.