BNY Mellon is replacing the long-time CEO of its UK pension fund unit, Insight Investments, as part of a strategy to integrate its investment management operations and expand its global footprint.
BNY Mellon is reshaping the leadership of its significant UK pension fund unit as the US bank aspires to expand its presence in the global investment management and wealth sector. Abdallah Nauphal, the long-time CEO of BNY-owned Insight Investments, renowned as the “Godfather” of liability-driven investment (LDI) products, which aim to align income and assets with future obligations, will retire later this year, the company announced.
Nauphal, 64, will be succeeded by Raman Srivastava, 49, who joins from Canadian insurance firm Great-West Lifeco, where he held the role of global chief investment officer. Insight, managing $900 billion in assets, is a major player in the LDI industry, catering to defined benefit pension schemes. Along with other firms, it faced considerable strain during the UK's government bond market turmoil in 2022 triggered by then-prime minister Liz Truss's controversial “mini” Budget. This leadership change coincides with BNY Mellon's efforts to better integrate its investment management units, which have traditionally operated independently, with the rest of the bank. Last year, the bank merged its private bank and investment management businesses under a new leader, Jose Minaya, who joined BNY Mellon in September from asset manager Nuveen. Hanneke Smits, who previously headed BNY's investment management division, departed at the end of 2024. Minaya emphasizes that BNY Mellon's investment division, overseeing $2 trillion in assets under management, has reached its current size with limited cross-selling between its seven asset management units, the private bank, and the larger firm. “The reason I am here is to help the collective grow faster,” Minaya stated. “We can provide a basket of services that is much more valuable as a whole.” Nauphal, who emigrated from Lebanon as a teenager in 1978, joined Insight in 2003 as its chief investment officer and became its CEO four years later
BNY Mellon Investment Management Pension Funds Leadership Change Global Expansion
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