The firm has appointed smartTrade’s Colin Murphy to lead its commercial EMEA business, based in London.
BNY Mellon Pershing, the trading, post-trade and clearing arm of America’s oldest bank, has appointed Colin Murphy as chief commercial officer of its EMEA business, effective May 2023.
Murphy has 25 years of capital markets experience – most recently as chief revenue officer for trading technology provider smartTrade, where he was responsible for managing the firm’s global sales teams and driving business growth. He joined smartTrade in June 2021, prior to which he served as global head of sales and optimisation for CME Group. His former roles include chief commercial officer of NEX Group (acquired by CME Group in 2018), and a variety of senior management positions with Goldman Sachs including managing director, prime brokerage.
Based in London, Murphy will lead BNY Mellon Pershing’s commercial teams across EMEA: including sales, relationship and product management for the UK, Ireland, the Channel Islands and continental Europe. He will report to the firm’s EMEA CEO, Cécile Nagel, who joined the firm in August 2022, and will also join BNY Mellon Pershing’s EMEA executive committee.
“We are delighted to welcome Colin to our business as we keep expanding our capabilities in the EMEA region,” said Nagel. “We are investing in the growth of our company through both technology and talent, and Colin brings extensive knowledge of the asset management, investment banking and financial technology sectors. His experience will help us continue to support clients with the challenges they face today.”
“Clients today are increasingly seeking experienced partners to ensure that they can continue to grow and innovate,” added Murphy. “By combining the capabilities and strength of BNY Mellon with Pershing’s strong presence in the United Kingdom, Ireland and the Channel Islands, we are ideally placed to support clients on their journey across both the UK market and those expanding across the continent.”
Parent company BNY Mellon held $46.6 trillion in assets under custody and/or administration as of 31 March 2023, along with $1.9 trillion assets under management. However, Pershing could be set to lose a substantial client in the coming weeks with the JP Morgan acquisition of First Republic. The collapsed bank had a large wealth management unit which custodied clients with Pershing, but JP Morgan – which largely self-custodies – is likely to move those assets back to its own books later this year.
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