BNY Investments maintains an Average Parent rating amid the broad restructuring of its affiliate model.
Jose Minaya took the helm of BNY Investments in September 2024, with a clear mandate: streamline operations and integrate the group’s historically separate investment affiliates. These efforts began even before his arrival, under predecessor Hanneke Smits, and remain underway. In January 2026, Minaya broadened solid fixed-income affiliate Insight CEO Raman Srivastava’s responsibilities to include leadership of Newton’s predominantly equity and multi-asset investment teams. As a result of this change, John Porter—who led Newton as sole CIO for less than one year—departed the firm. This move consolidates nearly all of BNY’s active management capabilities—and more than half the firm’s assets under management, excluding money markets—under Srivastava, who returned to the organization in the spring of 2025 after seven years at Great-West Lifeco.
Srivastava inherits a group that has seen significant upheaval in recent years. In March 2025, Minaya centralized Newton’s distribution and operations functions within BNY Investments. That restructuring prompted the departures of former CEO Euan Munro and co-CIO Mitesh Sheth, as well as Porter’s appointment to lead the group. Meanwhile, Newton’s flagship real return strategy has faced prolonged challenges. Once managing nearly USD 18 billion in assets in 2015, persistent outflows and underperformance drove assets below USD 5 billion as of December 2025. In May 2025, Porter made sweeping changes to the real return group and other squads at Newton. Over the course of 2025, Porter eliminated roughly two dozen investment roles from what had been a 100-person team. Separately, Newton also lost its deputy CIO of equities in June 2025. Whether these structural changes will stabilize investment teams, improve performance, or bolster client retention remains uncertain.
So far, Minaya hasn’t made significant changes to other affiliates at BNY. Walter Scott is the lone wholly owned active management affiliate not under Srivastava’s purview. It manages about USD 80 billion in assets in highly concentrated global and international equity strategies that maintain strong long-term performance records but have suffered in recent momentum-led markets. Over the trailing one- and three-year periods, Scott’s strategies have delivered bottom-quartile returns relative to category peers, and withdrawals reduced the funds’ assets by roughly 20% in 2025. Still, the approach has endured other periods of underperformance, and the team remains stable and committed to the research-driven process, a bright spot for the firm.
Outside of active management, Stephanie Pierce continues to oversee Mellon Investments and Dreyfus, the group’s passive and money markets businesses, respectively. After Insight, Mellon is the group’s second-largest affiliate with more than USD 500 billion in index-tracking assets under management. That division underwent significant changes between 2018 and 2022, but it has remained mostly stable since. Dreyfus oversees more than USD 400 billion in money market strategies, an area that has grown in recent years.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, BNY Mellon (Branding Name ID: BN00000837), is covered by Morningstar Manager Research.
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