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Corporate Moves

BNY Mellon Wealth Management Promoting Sinead Colton-Grant to CIO in 2024

Leo Grohowski will retire at the end of the year after 16 years leading the firm’s investment strategy.

By Michael Katz



BNY Mellon Wealth Management has promoted Sinead Colton-Grant to CIO, effective January 1, 2024. She will succeed Leo Grohowski, who is planning to retire at the end of the year. Colton-Grant is currently BNY Mellon’s head of investor solutions, a position she has held for more than two years.

Grohowski, who has been CIO of BNY Mellon Wealth Management for 16 years, will retire after a career of more than four decades. He currently leads all investment strategy and investment management functions for the wealth management organization and is chairman of the firm’s Investment Policy Committee. BNY Mellon’s statement praised Grohowski for the way he has “played a pivotal role in shaping investment strategy and execution, and successfully guided clients through multiple business cycles.”

Colton-Grant joined BNY Mellon Wealth Management in 2020 as deputy CIO and head of equities and had responsibility for the large-cap equity investment group, the equity trading team and the capital markets group. She led the equity strategy committee and is vice chair of the Investment Policy Committee. She was also previously head of global investment and product strategy for Mellon, BNY Mellon Investment Management’s North American investment firm.

Colton-Grant, who is based in New York and reports to Catherine Keating, global head of BNY Mellon Wealth Management, joined BNY Mellon in 2012 through Mellon Capital, where she held various senior investment roles. Prior to joining BNY Mellon, Colton-Grant was managing director of multi-asset client solutions at BlackRock, and before that, she was head of currency at Invesco.

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According to her LinkedIn profile, she was also head of portfolio management at capital market company Lee Overlay Partners and currency portfolio manager at J.P. Morgan Asset Management. She started her career as a foreign exchange and options salesperson at Chase Manhattan Bank.

“We appreciate Leo’s many contributions to our business and celebrate the deep talent bench he has built,” Keating said in a release. “As a proven investment leader, Sinead is well-positioned to assume this role and we look forward to building on the investment team’s success.”

According to the company, as part of the transition, CIO for Investor Solutions Chris Vella will lead the investor solutions business.

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Home > News > Regulation > PBGC Grants $182.6M to Southwest Ohio Carpenters’ Pension
Regulation

PBGC Grants $182.6M to Southwest Ohio Carpenters’ Pension

The plan had already cut benefits by 18% as of 2019.
By Paul Mulholland



The Pension Benefit Guaranty Corporation provided $182.6 million to a struggling carpenters’ union pension fund based in Monroe, Ohio, on Tuesday under the Special Financial Assistance Program.

The Southwest Ohio Regional Council of Carpenters Pension Plan covers 5,399 participants. In April 2019, it had to cut benefits for 4,300 participants by 18% under the Multiemployer Pension Reform Act. The SFA grant will permit the pension fund to stay solvent until 2051 and restore previous benefit cuts.

According to the fund’s 2020 funding notice, the plan was 59% funded in 2020. In 2022, the fund certified its critical status with the Department of Labor.

The SFA provision of the American Rescue Plan Act allows for PBGC funding for severely underfunded multiemployer pension plans. Funds that receive assistance must monitor the interest resulting from the grant money as separate from other sources of funding. The PBGC requires that at least two-thirds of the money it provides be invested in “high-quality fixed income investments.”

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The Final Rule on Special Financial Assistance, issued in July 2022, states that the other third can be invested in “return-seeking investments,” such as stocks and stock funds.

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