BOSTON, February 29, 2008 –  Joseph P. Gennaco has been named chief operating officer of The Boston Company Asset Management, LLC (TBCAM), an investment subsidiary of The Bank of New York Mellon. 

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BOSTON, February 29, 2008 –  Joseph P. Gennaco has been named chief operating officer of The Boston Company Asset Management, LLC (TBCAM), an investment subsidiary of The Bank of New York Mellon. Gennaco, who was previously director of relationship management and client service support at the firm, also will join the firm’s executive management team. Gennaco will report to Chief Executive Officer David H. Cameron.

“To his new role, Joe brings the highest degree of integrity and an unparalleled commitment to serving our clients,” Cameron said. “Our decision to select Joe was based on the outstanding leadership and strategic thinking that he has demonstrated since joining us as director of relationship management and client service support. Joe is further distinguished by his proven management and operational experience derived from 25 years in the asset management business, including a decade of experience running institutional client relationship businesses.”

Gennaco will oversee operations, technology, compliance, finance, and administration functions. While serving as director of relationship management, Gennaco had been involved in the areas of compliance, trading and operations and has most recently served as co-chairman of the firm’s investment technology task force. Until a successor is determined, Richard Watson, TBCAM head of distribution, will lead the firm’s client service department, which is underpinned by a deep bench of talented and experienced relationship managers.

“I am excited to be selected for this opportunity as TBCAM is expanding globally, while retaining its focus as an investment-driven firm,” Gennaco said. “As we grow into new markets I will be drawing on valued relationships inside and outside the firm to meet the needs of our clients, employees and shareholders.”

Gennaco joined TBCAM in 2005 from Mercer Human Resource Services, where he was a partner and director of client relationship management. Prior to that, Gennaco was managing director of institutional client relationship management with Putnam Institutional Retirement Services and held a number of senior level positions in the retirement plan marketplace. He earned a bachelor’s degree in business and economics from St. Anselm College. 

The Boston Company Asset Management, a BNY Mellon Asset Management investment boutique, provides investment management services for corporate, public, mutual funds and Taft-Hartley retirement plans, endowments and foundations.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.

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David H. Cameron has been promoted from chief investment officer to chief executive officer and president of The Boston Company Asset Management, LLC (TBCAM), an investment subsidiary of The Bank of New York Mellon Corporation   Corey A. Griffin, who had been chairman and chief executive officer, made the announcement today and said he will retain his position as chairman.  Cameron will report to Griffin.

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David H. Cameron has been promoted from chief investment officer to chief executive officer and president of The Boston Company Asset Management, LLC (TBCAM), an investment subsidiary of The Bank of New York Mellon Corporation   Corey A. Griffin, who had been chairman and chief executive officer, made the announcement today and said he will retain his position as chairman.  Cameron will report to Griffin.

Griffin said the personnel moves will afford him the opportunity to devote more time conducting discussions with clients, consultants and distribution partners to assess their evolving investment needs; positioning TBCAM as a leader in providing creative high alpha solutions; and preserving and enhancing the firm’s global footprint through BNY Mellon  multi-channel distribution model.

“The appointment of Dave Cameron as chief executive officer and president is a formal recognition of the perspective and leadership that he has brought to our firm and the important role he will play going forward,” Griffin said.  “In partnership with our clients, Dave will lead the development of investment solutions that achieve their objectives in an environment of persistently low returns.  We also will look to Dave to generate new ideas about how to source alpha and beta.  He is the ideal person to direct our firm in this undertaking based on his leadership abilities, his considerable investment experience, and knowledge of the markets.”

Cameron has nearly 30 years of experience in investment management. He joined Standish, Ayer & Wood, now Standish Mellon Asset Management in the investment management group of BNY Mellon Asset Management, in 1987. His responsibilities have included chief equity officer and portfolio manager at Standish, where he oversaw U.S. and non-U.S. portfolio management teams, and director of the core and growth strategies at TBCAM. As chief executive officer, he will be responsible for the day-to-day management of the firm and, specifically, for creating an organizational framework that further aligns the firm with the evolutionary changes in the money management business.  He was awarded a bachelor’s degree in economics and political science by St. Lawrence University and is a CFA charter holder.

“I am grateful for this exciting opportunity to lead one of the most client-focused asset management firms in our industry.” Cameron said.  “Under Corey’s leadership, TBCAM has skillfully transformed its operating model and brand into a full-scale, broad-based fundamental equity firm.  One of my immediate goals as CEO is to ensure that we don’t rest on our laurels and continually seek to build out our capabilities to meet the future needs of our clients, employees and shareholders.”

As part of the firm’s long-term strategic planning, Griffin and Cameron will work to develop a structure that supports the generation of alpha to solve the increasingly complex needs of clients who require excess returns to meet their objectives amid a persistently low-return environment, side-by-side with the existing robust “long-only” business.

“As the pace of the industry transformation accelerates over the next several decades, the boundaries between long-only investing and alternative strategies will continue to blur,” Cameron said.  “The pursuit of alpha fuels demand for hedge funds, 130/30 strategies, structured products, alpha transport (or portable alpha) and related approaches. At the same time, the firm provides solutions to suit the investment needs of an expanding client base, including defined benefit, endowment and foundation, defined contribution, as well as retail and insurance clients.”

Ronald O’Hanley, president and chief executive officer of BNY Mellon Asset Management and vice chairman of The Bank of New York Mellon, said, “The Boston Company Asset Management has truly global reach serving multiple markets with a broad mix of fundamental equity strategies. Splitting the roles of chairman and chief executive officer adds more leadership and ensures that opportunities will be exploited while laser focus remains on investment performance.  The partnership of Corey Griffin and Dave Cameron will enable TBCAM to achieve even greater accomplishments as we move forward.”

In a related announcement, John Truschel, CFA, was promoted from director of portfolio strategy to chief investment officer, succeeding Cameron in that role. Truschel’s tenure with Cameron dates back to 1997. He joined TBCAM from Standish Mellon in 2003 as portfolio strategist for the international core equity team and was an important contributor to the team’s success over the past four years. At Standish, he chaired the firm’s asset allocation committee, as well as being a portfolio manager on multi-strategy accounts.

Prior to that, Truschel was senior analyst with The Tower Group and product manager at Fidelity Investments, where his duties included developing asset allocation products for the intermediary marketplace. Additionally, the firm is conducting an extensive search for a director of portfolio strategy to succeed Truschel.  Truschel was awarded a bachelor’s degree by Westminster College and an MBA by the University of Pittsburgh.  He is a chartered financial analyst charter holder and a member of the Boston Security Analysts Society

The Boston Company Asset Management, a BNY Mellon Asset Management business unit, manages more than $65 billion in assets for more than 450 clients worldwide.  It provides investment management services for corporate, public, mutual funds and Taft-Hartley retirement plans, endowments and foundations.

The Bank of New York Mellon Corporation is a global financial services company that is focused on helping clients manage and move their financial assets, operating in 37 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration and more than $1 trillion in assets under management. Additional information is available at www.bnymellon.com.

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As the prices of commodities have soared over the past few years, many consumers and investors are wondering, how much longer can it last? Since the last economic trough in 2001 and 2002, gold is up 211%, natural gas 322%, crude oil 334%, silver 349%, and copper 485%! While many economists and statisticians are waiting for prices to revert to a historical mean, we are reminded of a quote from the economist John Maynard Keynes, “in the long run we are all dead.” Indeed, business cycles all occur with a boom and bust period, but there appears to be something larger at work as global economies are cooling and commodities prices remain stubbornly high.

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Over the past 30 years, there have been temporary grain spikes, mostly due to weather-related supply shocks. In each case, these periods were short-lived and prices ultimately returned to longterm averages with the following year’s harvest. However, we believe this spike is different. Grain stocks are at dangerously low levels, yet key growth drivers – the step up in government-mandated bio fuel programs and strong demand from emerging markets – are likely to continue for the next 18 to 24 months. This combination of low-ending stocks and unprecedented demand growth suggests current elevated prices are sustainable in the intermediate term, perhaps longer.

 

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