Money Management

Pershing appoints new CEO

James T. Crowley was named CEO of Pershing, a Bank of New York Mellon (BK) subsidiary, a news release said.

Effective July 1, Mr. Crowley replaces Lisa Dolly, who will serve as chairwoman of the money management firm through the end of the year. Ms. Dolly will advise Mr. Crowley to ensure a smooth transition.

Mr. Crowley will join BNY Mellon's executive committee and report to Thomas P. "Todd" Gibbons, vice chairman at BNY Mellon and CEO of clearing, markets and client management.

Mr. Crowley is currently Pershing's chief operating officer.

Pershing spokeswoman Jennifer Hendricks Sullivan declined to comment beyond what was in the news release.