Money Management

BNY Mellon Asset Management hires head of global consultant relations

Gerald "Gerry" Cosgrove was named managing director and head of global consultant relations at BNY Mellon Asset Management North America.

The position is new, part of the build out of the capabilities of BNY Mellon AMNA, which was established by BNY Mellon Investment Management on Feb. 1, said Andrew L. Conn, a company spokesman, in an interview.

The new business unit combines three of BNY Mellon Investment Management's existing investment boutiques – The Boston Co. Asset Management, Mellon Capital Asset Management and Standish Mellon Asset Management — with $571 billion in assets under management as of Dec. 31.

Mr. Cosgrove will oversee institutional consultant relationship management worldwide, said Alex. B. Over, managing director and global head of distribution, in a news release.

Mr. Cosgrove was managing director and head of consultant relations in the Boston office of RBC Global Asset Management. His responsibilities have been assumed by others on RBC GAM's marketing team and the firm is not immediately seeking a permanent replacement, said Leah Commisso, a company spokeswoman.

Separately, Matthew Appelstein, managing director and head of U.S. distribution, is leaving RBC GAM, Ms. Commisso said.

Michael Refojo, managing director and head of U.S. institutional sales, was named to replace Mr. Appelstein as acting head of U.S. distribution. Members of RBC's marketing and distribution team will assume Mr. Refojo's institutional marketing duties, Ms. Commisso said.

Mr. Appelstein could not be reached for information about his plans.

RBC GAM managed a total of $350 billion as of Dec. 31, of which $37.5 billion was managed for U.S. investors.