Head of investing at U.S. Trust to join BNY Mellon wealth unit this month. In the highest profile departure since CEO Peter Scaturro left U.S. Trust this past March in the run-up to its merger with Bank of America in July, Leo Grohowski, CIO of U.S. Trust Bank of America Private Wealth Management, has stepped down to take the same title at Bank of New York Mellon's wealth-management division.

"I have been impressed by the caliber of BNY Mellon Wealth Management's investment teams, as well as the company's investment capabilities, thinking and commitment," says Grohowski. "The recent combination of Mellon and the Bank of New York has created an industry leader in wealth management with a deep history of serving financially successful individuals that few companies can match."

Quarter century

Grohowski, who was CIO of U.S. Trust before Bank of America bought it from Schwab, was named head of investments for the firms' combined wealth-management business about a month and a half before the merger was completed.

Bank of America has named Christopher Hyzy and Durraj Tase to oversee U.S. Trust Bank of America PWM's investment teams.

Grohowski has been in the asset-management business for more than 25 years. He worked at Deutsche Asset Management and Scudder Investments before joining U.S. Trust.

In his new role, he will be responsible for all investment policy, analysis, research and investment-management functions at Bank of New York Mellon's private-wealth management division. He will report to David Lamere, CEO of BNY Mellon Wealth Management and vice-chairman of Bank of New York Mellon.

"As one of the investment industry's leaders, he will add significant depth to the management of our clients' wealth," says Lamere. "We look forward to his leadership, ideas and active involvement as we continue to expand our investment strengths, our wealth management business, and our personal client relationships."

BNY Mellon Wealth Management has 83 offices and manages about $162 billion in private client assets. -FWR

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