Goldman, BNY Shuffle Wealth Leadership Roles

You go over there, and you come over here.

Two of Wall Street’s heavy hitters have done a bit of reorganizing in their wealth and asset management units. Goldman Sachs added seven leaders from its wealth and asset business to the company’s management committee, the firm’s top decision-making panel, according to a statement. Meanwhile, BNY announced earlier this week that it would promote multiple executives to accelerate growth in its wealth unit.

The moves elevate the wealth and asset management business in both companies, which we’d have to say, were already pretty important to start with.

Stay Goldman, Pony Boy

With the promotions, Goldman Sachs will create a 46-member committee, which is responsible for guiding the firm on strategy, management and oversight. Goldman has made multiple attempts to appeal to retail and mass affluent investors through things like the Apple Card, the Marcus robo-advisor and its 2019 acquisition of United Capital, but its sweet spot remains with the ultra-wealthy. Goldman’s wealth clients held more than $1.6 trillion in assets, according to the firm’s latest annual report.

“The opportunity to continue to grow our franchise … is a core strategic objective for the firm, and this group of leaders will help us advance our goals,” CEO David Solomon said in a statement. Some of the new committee members from the wealth and asset unit include John Mallory and Nishi Somaiya, who have also been named global co-heads of wealth management.

Bank of New York. Over on Greenwich Street, BNY Pershing is making similar moves. Adam Vos, currently global head of markets and a member of BNY’s executive committee, will become head of global wealth solutions, overseeing Wove — a wealth management platform for advisors — as well as the Archer platform for separately managed accounts. Jim Crowley will become executive vice chair, focusing on strengthening and expanding client relationships. Laide Majiyagbe will become global head of markets and also join the executive committee.

“As the wealth landscape continues to expand and evolve, it’s important that our leadership and structure evolve alongside our clients,” BNY CEO Robin Vince said in a statement.