Siegel Departs State Street for BNY Mellon’s New Fund Services Unit

Ned Siegel has left State Street to join BNY Mellon’s new private equity and real estate (PE&RE) fund services unit as a senior sales executive.

He joins one month after BNY Mellon hired Alan Flanagan to head the new unit.

Siegel will cover the Americas, and report to Marina Lewin, global head of new business development, BNY Mellon Asset Servicing.

“The majority of funds in the sector are yet to outsource back office operations, and are increasingly looking to make this step in order to maximize efficiency and provide the high level of service and reporting their clients demand,” says Lewin.

Siegel leaves State Street after serving 22 years at the Boston-based custodian bank. He was previously North America head of business development for its Alternative Investments division.

BNY Mellon created the PE&RE fund services unit after winning a $45 billion fund administration deal with Deutsche Asset & Wealth Management earlier this year.

“Given the strategic importance of leveraging anchor clients, such as Deutsche Bank, to grow our private equity and real estate fund administration business, Ned’s extensive experience and industry network will be a tremendous asset to the team,” says Alan Flanagan, global head of PE&RS Fund Services, BNY Mellon.