Gerald Hassell, chairman and chief executive of BNY Mellon, has reportedly rejected shareholders demand to spin off the company’s asset management business.
According to a Financial Times report, Hassell told investors that such a spin-off had been considered.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
"We’ve done the math, we’ve done it several times, we continue to look at it. We’re not afraid to take action," the publication quoted him as saying.
Third Avenue, which owns stake worth US$241 million in the firm, raised questions over the investment business’s lacklustre returns and business mix.
Investment services provide an array of trust and custody work such as foreign exchange in tandem with the asset management business.
Hassell defended running investment services saying a lot of the products served the same clients.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
