Boston-based Franklin Portfolio Associates, one of the asset management boutiques within The Bank of New York Mellon, has promoted Oliver Buckley, chief investment officer since January 2006, to take over as chief executive officer later this year. He will succeed John Cone, one of the firm's founders, who will remain chairman of the FPA board and will contribute to FPA's overall investment process and ongoing strategic planning. Mr Buckley will retain his CIO role and continue to devote most of his time to managing the investment teams and research efforts at FPA. He joined FPA in 2000 as a portfolio manager before being named chief investment officer in January 2006. Previously he was responsible for research in the structured products group at Invesco and served as a portfolio manager at Martingale Asset Management. Paul Healey will become president and chief operating officer and will oversee client and consulting relationships, sales, operations, and non-investment aspects of the business. Mr Buckley said: "We decided to announce the change now so that clients and consultants are aware of the transition well in advance and are assured of a very smooth transition." FPA, one of the 18 investment boutiques of BNY Mellon Asset Management, manages approximately $33.5 billion in assets through a quantitative approach. Created in 1982, the firm manages large institutional portfolios with a disciplined, structured approach. BNY Mellon Asset Management is one of the world's largest global asset managers with more than US$1 trillion in assets under management.