BNY Mellon has appointed Alan Flanagan to a new role, that of global head of Private Equity and Real Estate (PE&RE) Fund Services. He will continue to be based in Dublin and report to Frank La Salla, New York-based CEO of BNY Mellon’s Alternative Investment Services (AIS) business.
As a new unit within AIS, PE&RE Fund Services will comprise more than US$100 billion in assets under administration and over 150 employees worldwide. Flanagan will be responsible for overseeing global business and driving growth in an area that has seen large recent deals.
In February, BNY Mellon and Deutsche Asset & Wealth Management (AWM) announced an agreement where Deutsche will outsource its real estate and infrastructure fund accounting and parts of its reporting functions to BNY Mellon covering more than $45 billion in AUA.
Most recently, Flanagan was global head of product management for Alternative Investment Services. He will be succeeded in that role by Robert Chambers, who joins BNY Mellon from Balestra Capital, where he was managing director, portfolio manager, and member of the operating committee.
“We’re seeing vibrant growth opportunities in this space as investors pursue new strategies and increase allocations to private equity and real estate,” said La Salla. “Alan was instrumental in orchestrating our signature agreement with Deutsche AWM. During his tenure as head of product he led many projects to better serve our hedge fund and PE clients, and I have every confidence he’ll do an outstanding job in this new role.
La Salla added: “Rob Chambers brings a multi-faceted skillset in finance, investment strategy and the alternatives market. I look forward to working closely with him in building out the global capabilities for our alternative manager client base.”
Flanagan serves on a number of executive committees at BNY Mellon, including its European operating committee, Asset Servicing global business risk committee, and is a director of BNY Mellon Trust Company (Ireland). He joined BNY Mellon in 2007 from UBS Fund Services (Cayman) Ltd., where he was head of business development-Americas; he is a Fellow of the Institute of Chartered Accountants in Ireland.