BNY Mellon Hires Mortimer as Director for Wealth Unit

Bank of New York Mellon Corp. (BK), the world’s largest custody bank, hired Jeffrey Mortimer from Bainco International Investors as director of investment strategy for its wealth management unit.

Mortimer will lead BNY Mellon Wealth Management’s investment strategy committee, setting asset allocations and making investment recommendations for client portfolios, the New York-based company said today in a statement. He worked most recently at Boston-based Bainco and previously was chief investment officer for the asset-management division of Charles Schwab Corp. (SCHW)

“His asset allocation and investment strategy experience will be invaluable as we continue to navigate successfully through these challenging markets,” Leo Grohowski, chief investment officer of the bank’s wealth unit, said in the statement. Mortimer reports to Grohowski and will be based in Boston.

BNY Mellon has $26.6 trillion in assets under custody and administration and $1.3 trillion in assets under management, according to the statement. The wealth unit oversees $176 billion in private-client assets.

To contact the reporter on this story: Margaret Collins in New York at mcollins45@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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