Joshua D. Kestler was named CEO of HedgeMark, Bank of New York Mellon's managed account investment platform for hedge fund investors.
BNY Mellon announced Mr. Kestler's promotion Wednesday in an internal memo to employees that was obtained by Pensions & Investments.
Mr. Kestler was president and COO of HedgeMark. He replaces Andrew S. Lapkin as CEO of the managed account provider.
The memo said the firm will "link the HedgeMark business more closely with the (firm's) alternatives business" under Mr. Kestler's oversight.
BNY Mellon said in the memo that Mr. Lapkin "decided to leave the firm" and noted that "under his stewardship, HedgeMark became an award-winning provider of hedge fund dedicated managed accounts and risk monitoring programs."
Mr. Lapkin said he could not comment about his departure when reached by phone.
Paul Patella, a BNY Mellon spokesman, declined to comment on Mr. Lapkin's departure, Mr. Kestler's promotion and who might replace him as president and COO.
Investors had invested more than $22 billion in hedge fund managed accounts on the HedgeMark platform as of Dec. 31.