After failing to buy Barclays Global Investors, BNY Mellon Asset Management is likely to continue its search for passive management expertise. But in the short term, a permanent head of the business is needed following the resignation of Ron O’Hanley, former chief executive of the operation and now executive head of Fidelity under Ned Johnson.

Following O'Hanley's departure in May, Jon Little and Mitchell Harris became co-heads of the business. Little's departure to work for Kedge leaves Harris in sole charge, but still on a temporary basis while alternative chief executives are vetted.