BNY Mellon hires Citi exec to expand $69bn alternatives programme

The wealth management arm of the Bank of New York Mellon has appointed former Citi executive Ted Berenblum to lead the firm’s expansion of private equity, real estate and infrastructure investments.

The Bank of New York Mellon is expanding its investments in private equity, real estate and infrastructure, headed by former Citigroup executive Ted Berenblum.

Berenblum was previously managing director of Citi’s global wealth management division responsible for ultra-high net worth investors. He is joining BNY Mellon in the newly-created position of head of alternative investments on September 2, the firm said in a statement.

BNY, together with its advisory firms, banks and trust companies, manages around $69 billion (€43.8 billion) in alternative investments. As head of alternative investments for BNY Mellon Wealth Management, Berenblum will lead investments in private equity and real estate, as well as infrastructure and commodities such as timber and natural resources, the firm said.

Berenblum will report directly to Leo Grohowski, chief investment officer of BNY Mellon Wealth Management.

The Pennsylvania-based private equity real estate firm Urdang is part of BNY Mellon’s asset management division , while in 2006 BNY formed investment management firm WestLB Mellon Asset Management with German bank, WestLB.