BNY Mellon has appointed Frank La Salla as chief executive officer of its alternative investment services business.
The appointment comes as BNY Mellon says it will continue to expand around the world and the industry as a whole is coming to terms with various pieces of regulation, including the Alternative Investment Fund Managers Directive.
La Salla was most recently managing director at Pershing, a BNY Mellon company, where he was responsible for all business outside of the US.
He assumes a role Samir Pandiri, executive vice president and chief executive officer of asset servicing, held before. Based in New York, La Salla will oversee a team of more than 2,000 alternative investment services staff worldwide.
“Client demand for alternative investments is growing, as institutions and individuals seek to enhance returns and manage risk in a low-interest rate environment,” says Pandiri.
“At the same time, we’re helping hedge fund managers deal with the host of new regulations and reporting requirements around those assets.”
Alongside his new role, La Salla will remain on the board of Pershing in the UK and will continue to represent BNY Mellon on the board of directors of Euroclear,
Before BNY Mellon’s acquisition of Pershing in 2003, La Salla was president and chief operating officer of BNY Clearing Services. Prior to that, he served as managing director and chief operating officer at Societe Generale Securities in the US.
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