Hanneke Smits will become CEO of BNY Mellon Investment Management replacing Mitchell Harris, who will retire Oct. 1.
Mr. Harris was CEO of the $1.8 trillion firm, which includes wealth and investment management businesses.
Ms. Smits will become CEO of BNY Mellon Investment Management, while Catherine Keating will continue in her role as CEO of BNY Mellon Wealth Management. Ms. Smits and Ms. Keating effectively will sit side-by-side in their roles, both reporting to Todd Gibbons, CEO of BNY Mellon, a spokesman confirmed. Ms. Smits will also join the executive committee.
The firm considered internal and external candidates for the CEO role, the spokesman said.
Ms. Smits continues as CEO of BNY Mellon affiliate Newton Investment Management until Oct. 1. A search is underway for a replacement, a news release said.
Mr. Harris will work closely with Ms. Smits and Ms. Keating to ensure a smooth transition. He was named CEO of investment management in February 2016.
“Mitchell has been instrumental in driving our investment management business over the last four years as CEO and we wish him all the best in retirement,” Mr. Gibbons said in the release. “We are delighted to elevate Hanneke into the CEO role for investment management. She has spearheaded Newton’s business momentum and client-centric culture, and we look forward to her leadership within investment management.”
Ms. Smits has been CEO of Newton since August 2016.
Her appointment as CEO at BNY Mellon Investment Management means she will step down from her role as a non-executive director of the Bank of England’s Court of Directors. The court manages the affairs of the U.K. central bank, including setting objectives and strategy. She will resign from the role Sept. 30. She joined the board in June 2019. A news release from the Bank of England said the rules of the court precludes them from having any role in an institution that is regulated by the bank. BNY Mellon has a bank branch that is regulated by the Prudential Regulation Authority.