BNY Mellon’s ETF Head Tung Moves to MFS

BNY Mellon’s ETF Head Tung Moves to MFS

Tung joins MFS Investment Management as it prepares to launch its first ETFs.

Reviewed by: Ron Day
Edited by: Staff

BNY Mellon’s global head of ETF services Vivian Tung is set to join MFS Investment Management as a senior managing director.

Tung spent almost two and a half years at BNY Mellon, where she was responsible for managing operational and client service aspects across the ETF business. Tung joined BNY Mellon from Brown Brothers Harriman where she was senior vice president of US ETF product for almost 11 years. Prior to this, she was promoted from vice president of ETF strategy at the same firm. 

Tung arrives at Boston-based MFS, a century-old firm considered the creator of the first mutual fund, just two months after it filed to issue its first exchange-traded funds. The firm, the largest fund provider by assets under management to not yet offer ETFs, is planning to introduce five active ETF versions of its popular mutual fund strategies, according to the filing. 

BNY has remained a relatively small player in the ETF field, managing 13 funds holding $5.98 billion, out of the $434.7 billion it managed at the end of the first quarter. The New York company was renamed BNY yesterday, some 17 years after the merger between The Bank of New York and Mellon Financial Corporation. 

The largest BNY Mellon ETF is the BNY Mellon US Large Cap Core Equity ETF (BKLC) with $2.41B in assets. In the last trailing year, that fund was also its top performer, adding 28%. The most recent ETF launched in the BNY Mellon space was the BNY Mellon Innovators ETF (BKIV) on May 16, 2023.

BNY will remove Mellon from the titles of its subsidiaries, with the new names including BNY Investments, BNY Wealth and BNY Pershing.

The industry has seen a string of senior reshuffles in recent weeks, namely State Street’s Fitzpatrick and Amundi’s Llinas moving to JP Morgan and Euronext, respectively.

Elsewhere, BNY Mellon unveiled an ETF basket construction platform in February, aimed at simplifying the management of ETFs for asset managers.

This article originally appeared in sister publication ETF Stream.