Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Boston Co.'S Flying Investors


In Business This Week

BOSTON CO.'S FLYING INVESTORS

IT'S THE SORT OF ASSET flight that fills money managers' nightmares. Four months after a mass exodus of top executives at Mellon Bank's Boston Co. asset-management unit, investors have pulled out $11 billion, or 42%, of its total assets. In April, Boston's chief investment officer, Desmond Heathwood, quit in a dispute with Mellon management over autonomy and pay, taking 13 top investment pros with him. On July 18, Mellon moved to stanch the hemorrhaging, hiring as Boston Co.'s new CIO Alexander "Toby" Webb III, former president of Fidelity's $27 billion trust unit. Webb says he wouldn't have taken the job if he thought Mellon would interfere.EDITED BY KEITH H. HAMMONDS


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus