(Pictured: Bruce Murphy)

Bruce Murphy, managing director responsible for the Australian funds management business of BNY Mellon, is to leave that position to take up a senior role at one of the firm’s affiliate managers, Insight Pareto. A search is underway to fill the job.

Murphy has been in the current role for nearly five years. Prior to that he was an executive director at Macquarie Group, responsible for domestic and international distribution, and before that was head of retail distribution for Deutsche Asset Management. He is expected to start the transition to Insight Pareto from next month.

Mark Speciale, Singapore-based managing director and head of distribution for BNY Mellon Investment Management, who is overseeing finding Murphy’s replacement, said it was company policy not to comment on personnel changes.

BNY Mellon’s multi-affiliate structure has 14 separate funds management firms, mostly wholly-owned, which are allowed to operate with independence in terms of their investments and marketing strategies. Not all are marketed in Australia.

They are: Alcentra; ARX Investimentos; BNY Mellon CIS; BNY Mellon Asset Management Japan; The Boston Company; CenterSquare; EACM; Insight Pareto; Mellon Capital; Meriten; Newton; Siguler Guff; Standish; and Walter Scott.

Insight Pareto is best known in Australia as an active currency manager, however, it offers a range of strategies including liability-driven investments, multi-asset, fixed interest and cash.

Murphy will be working with Margaret Waller, who has headed up the Australian office of Pareto – formerly a privately-owned firm, Pareto Partners – for many years. Prior to that, in the early 1990s, she headed up the global quant group for the old County NatWest, based in London.