The people that run out ETF business are terrible. They couldn’t manage a paper bag. How could BNY bungle the biggest asset management trend of the past 20 years?!? And now they have this business to attract cobwebs? Maybe the GS people can inject- or should I say pierce - management’s cozy do-nothing job?
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Bk is putting their chips with a guy who does nothing to manage his team, uplift morale and actually solve problems. He spends all his time self-promoting on media-not actually helping the business grow. He says how he supports us in operations and advocating for more support-all while just focusing on himself. Worst people leader ever. Considering quitting the organization bc of the lack of role model leadership
Our ETF business doesn’t “stink”. It’s simply 20 years behind the industry, as are all of our offerings. We once had many cutting edge offerings before we were acquired in 2007 and dragged back 20 years to an eighties bank.
Maybe if instead of taking a cigarette break every half hour and paying attention, they might actually be a force to be reckoned with but I guess inhaling carcinogens take precedence
Two separate topics, one inept organization
Because it is 'BNY Mellon' in front of its name.
Some people on this thread are talking about the ETF business and the rest the ETF Servicing business.
Not the same thing.
I joined the etf group 10 years ago but left for a better role that I’m in today. Except for the on-site group managers who have been with the company for years, they have a ton of turnover with senior management and the ops teams themselves. I still remember losing a major client because the work quality out of Florida was subpar.
“Don’t change anything until I get back”
- Alexander
We’re three decades behind Vanguard in ETFs, two decades behind Schwab, Fidelity and pretty much everybody else . Nobody is looking to us to create ETFs… sorry. This is an example of an area which costs triple the cost to manufacturer than to cut a deal and offer.
90% of BNYM ETF staff is from Staten Island or Florida - not sure which is more abhorrent...
When have you heard the bank lead from the front on WS other than to being uber conservative about all it does. Its been in business for more than 200 years oldest bank in USA. It must be doing something right. Transcending generations various CEO personalities hard and lazy workers and many of others going belly up on WS..ETF will be here way after we're all dead. A bit of ETF money if it outweighs cost to support the business will be jast fine.
It didn't help that BNY was very late to the ETF party, and when they finally launched, it was with ho-hum passive index products already well covered by the big players. Active ETFs are much more interesting but a relatively new product type that hasn't yet reached critical mass.