Bruce Murphy Appointed Managing Director

BNY Mellon Asset Management has appointed Bruce Murphy as Managing Director of BNY Mellon Asset Management Australia. Murphy replaces James Gruver who has relocated to the U.S. to work on strategic business growth initiatives.

Based in Sydney, Murphy will report to David Jiang, CEO of BNY Mellon Asset Management Asia Pacific. His immediate goal is to continue to grow BNY Mellon's asset management business in Australia, a key market for BNY Mellon in Asia Pacific.

Murphy has over 20 years asset management experience and joins the company from Macquarie Funds Group where he was an Executive Director and Head of Distribution. At Macquarie, Murphy was responsible for Macquarie Funds Group's Australian and global fund distribution for both institutional investors and intermediaries globally. Prior to joining Macquarie, Murphy was responsible for Deutsche Bank's retail funds business in Australia and had held product development and marketing roles with Prudential and Citibank.

"The growth opportunities for our company in Australia are tremendous with the superannuation sector alone projected to grow at 8.43%, reaching A$2.3 trillion by 2018," said Jon Little, Vice Chairman of BNY Mellon Asset Management. "The sophistication of the Australian market has lead to an uptake of specialist alpha generating investment ideas that provide strong opportunities for our product set."

"Our asset management franchise is now near US$1 trillion in assets under management and experiencing strong growth around the world. By bringing in top talent such as Bruce, we are confident we have the right people on board to manage the acceleration of our business and achieve our goals of being a top 10 money manager in Australia," added Little.

BNY Mellon's assets under management in Australia have grown rapidly over the last six years with BNY Mellon moving from 54th in 2003 to 16th in 2009 with over A$16 billion in assets under management, according to the annual Rainmaker Survey*.

Commenting on James Gruver's contribution, David Jiang added: "We are deeply appreciative of James's contributions to our business in Australia. He has played a major role in transforming BNY Mellon Asset Management into one of the premier money managers in Australia. Bruce's appointment underlines BNY Mellon's continued focus on growth in key strategic markets across Asia-Pacific and we are thrilled he is joining our team."