There's no rest for the weary at BNY Mellon, with the appointment of David Brown as vice-president of broker-dealer global sales in Hong Kong, the latest in the US firm's build-up in the region.
Brown, who previously worked for JP Morgan in London, is now responsible for sales and development in BNY Mellon's Asia-Pacific collateral management and securities clearance business. He reports to Dominick Falco, Hong Kong-based managing director of broker-dealer services for Asia.
"Demand for more efficient, risk-adverse and sophisticated collateral management and securities settlement is growing rapidly across both the developed and aspiring markets in the region," says Andrew Gordon, Asia-Pacific executive vice-president for broker-dealer and alternative investment services at BNY Mellon. "David brings considerable experience and contacts within the broker-dealer community across Asia."
The bank says it recently won a "couple of" mandates for collateral management and securities settlement in the region and has a "healthy" pipeline, but did not identify the clients.
Brown's appointment comes as BNY Mellon is in the midst of a 50-person expansion across its businesses in Hong Kong. Last year, Chris Sturdy, the firm's Asia-Pacific chairman, told AsianInvestor the institution needs more "boots on the ground, in-country, for sales and client relations".
In 2009, BNY Mellon appointed Jim McEleney as head of international operations in October, and Aidan Houlihan as service delivery manager and Rie Nakamura-Haines as relationship manager in its alternative investment unit in April, as reported by AsianInvestor.
Moreover, David Jiang, Asia-Pacific chief executive of BNY Mellon Asset Management, said in December that his unit would add more than 50 staff across Asia in 2010, with the bulk of the hires coming in China.
At JP Morgan, Brown was vice-president in charge of client management in the derivatives collateral management agency business. He has also worked as vice-president of sales at Lombard Risk Systems in London.
BNY Mellon services more than $1.5 trillion in tri-party collateral management balances worldwide and clears over 60% of US government securities.