An ASIC report notes the boom in demand for this asset, saying it heightens the need for “better-quality data” about the size of this sector where estimates range between $1.8 billion and $188 billion.
CPA Australia has weighed into the debate about the cost to oversee the industry, adding its voice to those who argue the fee structure favours the larger funds.
Keaney’s brief widened at BNY Mellon
Tim Keaney’s role at BNY Mellon globally has been broadened among some changes at the top of the bank in New York.
The head of asset servicing will become, as of next month, CEO of Investment Services, which is aimed at better aligning the areas of asset servicing, corporate trust, depositary receipts, global markets, global collateral services, broker dealer services, and Pershing businesses under his leadership. He is currently vice Chairman and CEO of asset servicing. He will retain his vice chairman title.
Keaney told IO&C News that he was delighted with the move.
The other changes were:
. Karen Peetz will become president of BNY Mellon. She is currently vice chairman and CEO of financial markets and treasury services. As president, Peetz will lead global client management, regional management, treasury services and human resources.
. Brian Shea will be named president of investment services and head of BNY Mellon’s global operations and technology group. He will also continue in his role as CEO of BNY Mellon’s Pershing subsidiary and as head of broker dealer and advisor services.
Vice chairman, Curtis Arledge, continues as CEO of investment management, covering both fund management and wealth management.
Peetz, Keaney and Arledge continue to report to Gerald L. Hassell, the organization’s chairman and group CEO. Shea will report to Hassell as head of global operations and technology and to Keaney in his capacity as president of investment services.
Hassell said in a statement: “Each of these executives shares a common passion for putting clients at the centre of our business strategy and for delivering excellence in all that we do … Together, they will join me and our entire management team as we focus on enhancing revenue growth across all economic cycles…”
