Dominick Falco has been promoted to president and chief executive of Bank of New York Mellon Trust (Japan), BNY Mellon's Japanese trust bank subsidiary.

He replaces Takayuki Inukai, who has retired, and will report to James Maitland, head of BNY Mellon's international corporate trust business based in London. Falco has been hired to expand the company's range of corporate trust services available to Japanese institutions.

Having officially joined in May, he has moved to Tokyo from Hong Kong, where he was Asia managing director of broker-dealer services. Andrew Gordon remains Asia-Pacific head of alternative investment services and broker-dealer services.

Falco says he wants to accelerate business growth in what is still a challenging business environment. "BNY Mellon has a great story to tell when it comes to corporate trust," he adds, pointing to the fact that the firm is the world's largest provider of corporate trust services. 

In Japan, corporate trusts are appointed by debt issuers as well as fund- and collateral-management institutions to perform a variety of services related to debt and collateral administration. These include portfolio and transparency analytics, reporting and final asset disposition and distribution.

Falco began his career at Morgan Stanley in New York and then set up the Asia ex-Japan securities-lending desk for that firm in Hong Kong in 1990, ultimately heading the Japan and ex-Japan desks. He later held similar positions at Macquarie Bank and NatWest Markets, focusing on equity finance, and was a founding member of the Pan Asia Securities Lending Association.

BNY Mellon completed the acquisition of all issued and outstanding shares in JP Morgan Trust Bank in Japan from JP Morgan Chase in March 2008. The transaction was a result of the company's acquisition of JP Morgan Chase's global corporate trust business in 2006.

Hence, the business is well established in Japan, but has only officially been part of BNY Mellon since 2008. It services some $12 trillion in outstanding debt from 58 locations in 20 countries.