New York (HedgeCo.Net) – BNY Mellon, a leading administrator of alternative assets, including single manager hedge funds, funds of hedge funds and private equity, now has more than $645 billion of alternative assets under administration and/or custody.
The bank 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 Yorkand 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.”
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.
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