BNY Mellon, a global leader in investment management and investment services, has appointed Frank La Salla as Chief Executive Officer of its Alternative Investment Services (AIS) business.
La Salla will report to Samir Pandiri, BNY Mellon Executive Vice President and CEO of Asset Servicing. He was most recently Managing Director at Pershing LLC, a BNY Mellon company, where he was responsible for all of Pershing's business outside of the U.S. and led its global growth strategy.
La Salla assumes a role Pandiri has held the past two years. He will be based in New York and oversee a team of more than 2,000 AIS professionals 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. At the same time, we're helping hedge fund managers deal with the host of new regulations and reporting requirements around those assets," said Pandiri. "Frank's experience building global businesses will be pivotal as we continue to expand AIS's offerings around the world."
"This is a strategic growth initiative for us," said Tim Keaney, BNY Mellon vice chairman and CEO of Investment Services. "We've seen a marked expansion in serving our alternative investment manager clients in recent years and continue to see tremendous upside potential in this business."
Alongside his new role, La Salla will remain on the board of Pershing Limited in the UK and continue to represent BNY Mellon on the Board of Directors of Euroclear PLC and Euroclear SA.
Before BNY Mellon's acquisition of Pershing in 2003, La Salla was President and Chief Operating Officer of BNY Clearing Services LLC. Prior to that, he served as Managing Director and Chief Operating Officer at Societe Generale Securities Corp. in the U.S.