BNY Mellon has recruited a head of strategy in a newly-created role, as it looks to regain the top spot of the global custody rankings.
Akash Shah joins BNY Mellon from global consultancy firm McKinsey, where he co-led the capital markets and investment banking practice.
Shah will be responsible for helping BNY Mellon develop and implement its long-term strategies, shape external partnerships, and respond to the changing dynamics of financial services.
“We’re at an exciting moment in BNY Mellon’s long history, focused on organic growth and innovation. Akash’s leadership will be integral in continuing to transform our business to better serve our clients,” said Charles Scharf, CEO, BNY Mellon.
Shah will also join the executive committee, the bank’s senior-most governing body, from 30 July.
The creation of a new head of strategy comes after BNY Mellon lost its position as the world’s largest custodian to State Street, a position it has held for three consecutive years.
Since joining BNY Mellon in the summer of last year, Scharf has highlighted a number of new strategic goals, including a greater focus on winning exchange traded fund (ETF) mandates, increasing investment into blockchain, big data and APIs, and providing enhanced collateral management and FX products.