BNY Mellon Wealth Management has hired Dan Steinberg as a senior wealth manager.
Based in Newport Beach, CA, Steinberg will be responsible for advising HNW clients and family offices. He will report to managing director Chad Johnsrud.
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Johnsrud said: “Dan is a top-tier talent, with exceptional expertise in delivering holistic active wealth planning that helps clients achieve long-term financial success.
“His deep knowledge of institutional investing across public and private equity, fixed income, and alternative asset classes makes him an important addition to our Newport Beach team.”
Steinberg is a chartered financial analyst with over 20 years of financial services industry experience. He has worked at firms such as Millennium Partners, PIMCO, and Bank of America.
BNY Mellon results
BNY Mellon reported net income of $944m on revenue of $4.11bn in Q1 2020.
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By GlobalDataThe figures in the comparable quarter in 2019 are $910m and $3.89bn, respectively.
Fee revenue rose 10% year-on-year to $3.32bn while net interest revenue fell 3% to $814m from $841m.
Noninterest expense increased to $2.71bn from $2.69bn, due to technology investments and higher pension expense.
Provision for credit losses were $169m in Q1 2020, versus $7m in the previous year.
Higher client inflows led to a 2% rise in assets under custody and/or administration to $35.2trn.
Assets under management dipped 2% to $1.8trn, mainly due to the unfavourable impact of a stronger U.S. dollar.
In February 2020, Liontrust Asset Management was the first end-to-end client on its new Investment Operations platform.
The platform’s purpose is to improve automation and integration capabilities, as well as offer enhanced data management and control capabilities to institutional asset managers.
Investment Operations will cover the same capabilities as Middle Office Solutions, including services to support the needs of the institutional asset management client base.
The Investment Operations platform also provides modular data capabilities for greater operational transparency and integration to outsource services and operations.
