Ted A. Berenblum has been named head of alternative investments for BNY Mellon Wealth Management, reporting to chief investment officer Leo P. Grohowski.
Ted A. Berenblum has been named head of alternative investments for BNY Mellon Wealth Management, reporting to chief investment officer Leo P. Grohowski. Responsible for the implementation and delivery of alternative investments to private clients, he will oversee the expansion of private equity and real estate offerings, commodities including timber and natural resources, infrastructure, currency and portable alpha strategies.
With this appointment, BNY Mellon Wealth Management aims to boost its reputation as an early adopter of alternative investments, launched with the introduction of long/short strategies for private clients at the turn of the decade. Bank of New York Mellon’s advisory firms, banks and trust companies currently manage some USD69bn in alternative investments.
Berenblum, who has more than 25 years’ experience in investment management for high and ultra-high net worth individuals and families, joins BNY Mellon Wealth Management from Citigroup, where he was a managing director and head of ultra-high net worth investments for its global wealth management division. Previously he held various management positions at Citigroup Private Bank, including head of global product management, product strategy and product selection.
‘Ted has spent his career largely focused on the investment needs of private investors,’ Grohowski says. ‘His expertise and technical competence in offering both traditional and alternative products to the largest and most sophisticated clients will be important strengths for us as we continue to grow our business and enhance and extend our investment capabilities.’
Says Berenblum: ‘BNY Mellon Wealth Management is extremely well positioned to capitalise on growth opportunities in the alternative investment arena. I look forward to contributing to the firm’s success.’
BNY Mellon Wealth Management is one of the largest US wealth managers with some USD164bn in private client assets, providing investment management, wealth and estate planning and private banking services to wealthy individuals and families, family offices, charitable gift programs and endowments and foundations.
Its products and services are provided by subsidiary banking and trust companies of Bank of New York Mellon Corporation, which has more than USD20trn in assets under custody and administration and more than USD1trn in assets under management.
