Returns on its mutual funds trailed the average of peers for a three-year period ending in 2010. Five different people ran the division in the span of 12 months.
Now, after a turnaround that saw an 11% jump in revenue last year, the most since the financial crisis, and $111bn of new assets, the bank’s ugly duckling is swanning. The two men who run the unit - Timothy O’Neill and Eric Lane - say annual growth will remain above 10% for the foreseeable future, buoyed by what they see as an inevitable shift back to actively managed funds and more lending to wealthy individuals.
To access the complete Bloomberg News article hit the link below: