BNY Mellon picks CEO of alternative investment services business

Frank La Salla was named CEO of Bank of New York Mellon (BK)'s alternative investment services business, confirmed a spokeswoman for the firm.

Mr. La Salla replaces Samir Pandiri, who held the position for the last two years in addition to his current role as executive vice president and CEO of asset servicing.

Mr. La Salla was previously managing director at BNY Mellonsubsidiary Pershing, where he was responsible for its non-U.S. business and led the global growth strategy.

Mr. La Salla's responsibilities have been “assumed by existing leadership at Pershing,” said the spokeswoman, and Mr. La Salla will remain on the board of Pershing's U.K. headquartered affiliate.

“This is a strategy growth initiative for us,” said Tim Keaney, BNY Mellon vice chairman and CEO of investment services, in a news release. “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.”

BNY Mellon has more than $645 billion of alternative assets under administration and/or custody.