BNY Mellon is replacing the longtime CEO of Insight Investments, its large UK pension fund unit, as part of a push to integrate its investment management operations and expand in the global market.
BNY Mellon is changing the leadership of its large UK pension fund unit Insight Investments as it seeks to become a bigger player in global investment management and wealth. Abdallah Nauphal, the longtime CEO of Insight Investments and known as the “Godfather” of liability-driven investment products, will retire later this year. Nauphal, 64, is being replaced by Raman Srivastava, 49, who is joining from Canadian insurance firm Great-West Lifeco, where he was the global chief investment officer.
Insight, with $900 billion under management, is one of the largest players in the LDI industry, which serves defined pension schemes. The firm, along with other LDI providers, faced significant stress during the UK’s government bond market turmoil in 2022 triggered by then-prime minister Liz Truss’s “mini” Budget. The leadership change comes as BNY seeks to better integrate its investment management units, which have long been run separately, with the rest of the bank. Last year, the bank combined its private bank and investment management businesses under Jose Minaya, who joined BNY from asset manager Nuveen. Hanneke Smits, who led BNY’s investment management division, left at the end of 2024. Minaya says BNY’s investment division, which has $2 trillion in assets under management, has grown to its present size with very little 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,’ said Minaya. ‘We can provide a basket of services that is much more valuable as a whole.’ Nauphal, who fled Lebanon as a teenager in 1978, joined Insight in 2003 as its chief investment officer and became its top executive four years later
BNY MELLON INSIGHT INVESTMENTS UK PENSION FUNDS LIABILITY-DRIVEN INVESTMENT INVESTMENT MANAGEMENT
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