BNY Mellon has named its chief growth officer in a newly created role, as the investment bank looks to capitalise on its strategy to expand into new technologies and business areas.
Akash Shah has been promoted to the role after previously acting as senior executive vice president, head of strategy and global client management.
In the new role, Shah will oversee strategy, marketing and communications as well as global client management, and will continue to report to Todd Gibbons, CEO of BNY Mellon.
Shah joined BNY Mellon in July 2018 and has assumed increasing responsibility over the last three years. Previously, he was a partner at McKinsey & Company, advising financial institutions in the US, Europe and Asia, as well as co-leading McKinsey’s capital markets and investment banking practice.
“Akash has been a driving force of change since joining the firm three years ago. He has been instrumental as a member of the executive committee, in helping to shape our firm-wide strategy, as well as client service and growth agendas,” said Gibbons.
“In his new role, he will continue to drive momentum across our business, and be a force multiplier in BNY Mellon’s ability to seize the growth opportunities in the marketplace, while continuing to deliver innovative solutions to our clients.”
The appointment follows several major initiatives at BNY Mellon, including plans to launch a dedicated custody and administration platform for digital assets in February. The bank said its expansion into crypto custody leverages its solutions in blockchain technology and is in response to institutional investors seeking a trusted service provider in the space.
“BNY Mellon has a rich legacy built on trust and innovation. We’re a platform provider that helps our clients build their businesses, and our unique and differentiated model allows us to play a critical role at the centre of the global capital markets,” said Shah.
“As the industry and our clients’ needs evolve, we must continue to re-imagine our business and place data and open platforms at the heart of the transformation. This will allow us to help our clients stay ahead of the curve and lead change across the industry.”