BNY Mellon hires two wealth management bigs

May 26, 2010 @ 4:11 pm

By Hilary Johnson

BNY Mellon Wealth Management this week announced prominent hires for two new positions, signaling its plan to increase its reach both domestically and internationally.

The $157 billion-asset firm, a unit of The Bank of New York Mellon Corp., said it has hired Peter Moertl, an Austrian national who is a veteran of Wall Street and international investment banks, to head its International Wealth Management group.

Mr. Moertl will divide his time between Europe and the U.S., and he will report to Donald J. Heberle, head of BNY Mellon's Family Office Services and International Wealth Management businesses.

“Peter brings invaluable wealth management expertise and international perspective as we focus on expanding internationally through organic growth, strategic partnerships and/or acquisitions,” Mr. Heberle said in a statement.

Earlier in the week, BNY Mellon Wealth Management said it has hired Peter Berg as vice president and sales director to promote its custody services to registered investment advisors across the U.S. Mr. Berg, who most recently led his own third-party distribution firm, Boston Light Investments, will report to Dan McCarron, head of the BNY Mellon Wealth Management's national custody division.

Mr. Berg explained that his sales efforts will complement, not compete, with Pershing LLC — another Bank of New York unit that offers custody services to registered investment advisers.

“We're on a bank platform,” Mr. Berg said in an interview. “There are certain types of accounts out there, fiduciary accounts, that require separation of principal and income. There are also institutional accounts that by charter require a bank custodian. We complement Pershing, and we may have a relationship with the same adviser that Pershing does.”

Mr. Berg has also worked at HSBC Private Bank, as well as Schwab Institutional.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


The #MeToo movement and the financial advice industry

Attendees at the Women to Watch luncheon commend the #MeToo movement for raising awareness about the issue of sexual harassment and bringing women together.

Latest news & opinion

What the next market downturn means for small RIAs

Firms that have enjoyed AUM growth because of the runup in stocks may find it hard to adjust to declining revenues if the market suffers a major correction.

DOL fiduciary rule likely to live on despite appeals court loss

Future developments will hinge on whether the Labor Department continues the fight to remake the regulation its own way.

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

Groups on both sides of the fiduciary debate had plenty to say.

Fifth Circuit Court of Appeals vacates DOL fiduciary rule

In split decision, judges say agency exceeded authority.

UBS, after dumping the broker protocol, continues to see brokers come and go

The wirehouse has seen 14 individuals or teams leave and five join for a net loss of $2.4 billion in AUM


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print