BNY Mellon has appointed Frank La Salla as chief executive officer of its Alternative Investment Services (AIS) business. He reports to Samir Pandiri, BNY Mellon executive vice president and CEO of Asset Servicing, and assumes a role that Pandiri has held the past two years

La Salla will be based in New York and oversee a team of more than 2,000 AIS professionals worldwide. He joins from Pershing LLC where he was most recently managing director responsible for all of Pershing's business outside of the US and led its global growth strategy.

Pandiri said: “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. 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.