BNY Mellon Hires Keating From Commonfund to Run Wealth Business

(Bloomberg) -- Bank of New York Mellon Corp. plucked the new chief executive officer of its wealth management unit from the world of nonprofit investing.

Catherine Keating joins BNY Mellon on July 9, the New York-based bank said Thursday in a statement. She had been CEO of Commonfund, an asset manager that oversees $25 billion for endowments, foundations and public pensions, since February 2015.

Commonfund named Mark Anson, its chief investment officer, to replace Keating, the Wilton, Connecticut firm, said Thursday in a separate statement. Commonfund also appointed Deborah Spalding and Kristofer Kwait as deputy CIOs.

“Catherine is a seasoned CEO with a strong track record in leading wealth management and asset management organizations,” said Mitchell Harris, CEO of BNY Mellon Investment Management. Harris has been running the wealth management unit since its previous head, Don Heberle, left in March. Heberle in April took a similar job at PNC Financial Services Group. Keating will report to Harris.

Keating spent nearly two decades at JPMorgan Chase & Co., where she served as head of investment management for the Americas and CEO of the U.S. Private Bank among other positions.

BNY Mellon’s wealth business had $246 billion in assets as of March 31. The bank has $1.9 trillion in assets under management and $33.5 trillion in assets under custody.

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