BNY Mellon Reorganizes, Tim Keaney to Depart in Sept.

Tim Keaney, vice president and CEO of BNY Mellon Investment Services, will be leaving the company on September 30 to pursue other interests.

His announcement comes on the back of BNY Mellon’s streamlining of the organization “to better serve clients and to improve financial performance”.

Brian Rogan, vice chairman and chief risk officer, and Art Certosimo, CEO of Global Markets, also plan to retire at year-end.

As part of the reorganization, BNY Mellon has created a distinct Markets group, which will bring together Global Markets, Global Collateral Services and Prime Services and will continue to serve the investment services division, as well as other clients. As such, Curtis Arledge, currently vice chairman and CEO of Investment Management, will add to his responsibilities the oversight for the newly formed BNY Mellon Markets group. His prior experience at BlackRock, where he was CIO for fundamental fixed income portfolios, and before that at Wachovia, where he was global head of the fixed income division within the CIB unit with oversight for trading, rates, capital markets, financing and loan origination, will be brought to bare in overseeing both markets and investment management at BNY Mellon.

Keaney has been CEO of BNY Mellon Investment Services since the creation of that business two years ago to more closely align and draw out the synergies across the group. He will hand over to Brian Shea, currently president of Investment Services. Shea joined BNY Mellon’s Pershing in 1983 and progressed through a series of positions of increasing responsibility, ultimately becoming CEO. Shea takes on the new CEO of investment services role in addition to his role as head of Client Service Delivery and Client Technology Solutions. His appointment is effective immediately and he will report to Gerald Hassell, CEO of BNY Mellon.

The new structure is intended to better serve clients given the changes in regulation, client risk drivers and technology. It takes account of the overlap between global collateral services and markets by bringing in prime services and in so doing complimenting securities financing. Specifically it will replace the previous pillars of investing and services and separates the trading business from the transaction business. It is understood that the new structure with three distinct pillars – investment management, markets and investment services – will allow for new solutions, improved performance and better risk management for existing clients as well as reaching new clients by leveraging synergies across those groups.

Kurt Woetzel, head of Global Collateral Services, has been named president of BNY Mellon Markets Group, effective immediately, and will report to Arledge. Mitchell Harris will continue to serve as president of Investment Management and report to Arledge. Arledge continues to report to Hassell.

Karen Peetz will continue as president of BNY Mellon, leading Global Client Management, Regional Management and Treasury Services. Peetz reports to Hassell.