BNY Mellon has named company veteran Stephen Lackey as its Asia-Pacific chairman based in Hong Kong effective from June 1, succeeding Christopher Sturdy who transfers to New York.
Lackey has worked as director of global corporate development and investor relations in London since 2009, but has been with the firm for the past 30 years. However, he was in the US and not available to comment on his pending move.
Sturdy (pictured left), who had been Asia-Pacific chairman since early 2008, is moving to New York to take on a senior role in the firm’s global client management group to serve its largest customers. Both he and Lackey will report to James Palermo, vice-chairman and CEO of global client management.
In announcing the appointment, BNY Mellon noted that Lackey had travelled extensively across Asia-Pacific during his career and had led its M&A strategy both in the region and globally.
He will be responsible for BNY Mellon’s business strategy for the region, working as its primary representative with regulatory authorities and overseeing client management. He will chair the firm’s Asia-Pacific executive committee, and will join the global executive committee.
About a third of BNY Mellon’s profitability and people are based outside of the US. The firm has identified five key markets in Asia: Japan, Korea, China, India and Australia.
A spokeswoman for BNY Mellon in London adds: “We are expanding ambitiously but methodically across Asia in both our core businesses, investment management and investment servicing. Over the long term we expect Asia to be a much larger percentage of our bottom line as the region is a key engine of growth for our company.”
Robert Kelly, BNY Mellon’s chairman and chief executive, stresses the firm will be looking to enhance its strategic partnerships and alliances in the region.
During his career Lackey has acted as representative of BNY Mellon’s Sydney office from 1983-87, led a multi-national client group in London from 1991-95, a communications and technology client group from 1995-99, and a specialised industry client group until 2002. Between then and 2009 he worked in investor relations.
BNY Mellon also paid tribute to the “stellar contributions” that Sturdy had made over the past three years, “efforts that have placed our business in a position of strength as we look to the region as a key engine of growth for our company", adds Kelly.
Sturdy joined BNY Mellon in 1982 and spent a decade in roles in London. For over eight years he developed new business for the company in Asia-Pacific, cultivating client relationships and gaining insight into companies across the Asia-Pacific region in his role as head of global depositary receipts.
BNY Mellon further announced that chief admin officer Daniel Smith had been promoted to chief operating officer for the region in what is a new role at the firm. He will combine both jobs, continue to be based in Hong Kong and report to Lackey.
As Lackey transitions, his investor relations function will report to Ismail Dawood and corporate development function to David McCormish. Both are based in Pittsburgh in the US and report to Todd Gibbons, vice-chairman and CFO.
BNY Mellon has $25 trillion in assets under custody and administration and $1.17 trillion in assets under management.