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BNY Mellon Hires Akash Shah, Embraces Future of Finance Mentality

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Bank of New York Mellon Corporation (BNY Mellon), one of the world’s largest custodian of sovereign institutional assets, has named Akash Shah as its newest Senior Executive Vice President. Shah holds a B.A. from Yale University, and is known for his reports on the banking industry. Shah leaves his role at McKinsey and Company. In his new role, Shah is Head of Strategy at BNY Mellon. Based out of New York, Shah reports directly to the CEO, Charles W. Scharf. He is now a crucial member of BNY Mellon’s highest ranking governance team.

According to their website, a central aspect of BNY Mellon’s strategy is “to provide our business partners with technology-based solutions that enhance their ability to be successful through world class software solutions maintained on a stable and secure infrastructure.” BNY Mellon’s 2017 Report, “Future of Finance,” suggests that a startup mentality can be applied to an established corporation to unlock greater degrees of value. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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