The bank's head of investment management said Wednesday that his unit has eliminated dozens of high-cost funds over the last two years and replaced them with more passive investment vehicles.
Venu Krishnamurthy is joining the asset management giant at a time when it is reorganizing itself and tinkering with product offerings to ward off fintechs and other challengers.
The bank, in conjunction with iCapital Network, is slashing requirements to participate in certain alternative investments that it once offered mainly to institutions or the ultrarich.
The Kansas City, Mo., company sold Marquette Asset Management, a business it gained as part of its purchase of Marquette Financial Cos., to the firm's principals.
