As mutual fund firms continue to reel from the market downturn, even some top industry executives are starting to speak out for change. Forbes' Anita Raghavan reports that BNY Mellon Asset Management president and CEO Ronald O'Hanley attacked fund firms for selling short-term performance and for rewarding managers and execs based on AUM, not long-term performance.

Speaking at a BNY Mellon reception at the Ivy Restaurant in London, O'Hanley told reporters and BNY Mellon managers that mutual funds "let institutions down on how to think about cash," conflating cash investments with everything else.

"We as an industry have let our clients down," O'Hanley said at the reception. (BNY Mellon manages almost $1 trillion.)

O'Hanley added that he would refuse to be part of a firm that based pay on AUM and not long-term performance.

"I would walk away," O'Hanley said. 

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