BNY Mellon has appointed Alan Flanagan to the new role of Global Head of Private Equity and Real Estate (PE&RE) Fund Services, according to a statement.
Flanagan will remain in the firm's Dublin office and report to Frank La Salla, the New York-based chief executive officer of BNY Mellon's Alternative Investment Services (AIS).
The PE&RE Fund Services unit, a new addition to AIS, will oversee over $100 billion in assets under administration and more than 150 employees globally.
“During his tenure as head of product he led many projects to better serve our hedge fund and PE clients,” La Salla said of Flanagan, who previously global head of product management for AIS, “and I have every confidence he'll do an outstanding job in this new role.”
Flanagan's previous position will be filled by Robert Chambers, who served as managing director, portfolio manager and member of the operating committee at New York-based Balestra Capital.
Flanagan is on several BNY Mellon executive committees such as the European operating committee and the Asset Servicing global business risk committee, and serves as director of BNY Mellon Trust Company in Ireland. Before joining BNY in 2007, he was at UBS Fund Services (Cayman) Ltd., where he led the Americas business development. He is a Fellow of the Institute of Chartered Accountants in Ireland.
As of 31 March 2015, BNY Mellon had $28.5 trillion in assets under custody and/or administration, according to the statement, and $1.7 trillion in assets under management. It allocates 4.85 percent, or $230 million, to private equity, according to PEI's Research & Analytics division.