WestLB Mellon Asset Management, a German fund manager partly backed by US bank BNY Mellon, has appointed a new chief executive, charged with expanding the business in retail and institutional markets.

BNY Mellon and German bank WestLB, which together formed WestLB Mellon Asset Management as a joint venture in 2006, announced this morning that the business's new chief executive would be Volker Kurr, formerly of UBS Global Asset Management.

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

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The London-based bank said it is well on its way to achieving the target of returning at least $8 billion to shareholders over the three years ending in 2026.

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The pact imposes a baseline tariff of 15% on the U.S.’s biggest trading partner.

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The lender forecast total income excluding notable items to exceed $21.61 billion as loan growth and structural hedges continue to mitigate the impact of interest-rate cuts.

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The Davos founder rejected preliminary findings of misconduct, including improper travel expenses and gifts.

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CME Group’s second-quarter earnings and revenue rose sharply as the derivatives-exchange operator benefited from a surge in trading activity due to market volatility.

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U.S. stock futures pointed to a flat open after a mixed session on Wall Street Monday, while international equity markets were also mixed so far Tuesday as earnings season sweeps into full gear.

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The lender reported a sharp decline in net profit due to a one-off hit related to the sale of its Brazilian subsidiary and an increase in loan loss allowances.

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The European Union still wants a deal, but with U.S. demands growing, the bloc is getting ready to push back.

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WestLB hires new asset management chief

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