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BNY Mellon picks up Citi Group transition management team
Bank of New York Mellon has leveraged off the problems confronting Citi Group by significantly strengthening its position in the highly competitive transition management arena, picking up key members of the Citi Transition Management team.
Mellon Transition Management (MTM) announced the appointment this week of well-known transition specialist Tim Wilkinson and his six-member team, who will now work with Mellon out of London.
The recruitment of the team brings the number of people working for Mellon Transition Management to 50.
MTM chief executive Mark Keleher said the new recruits would complement the company's presence in both London and Sydney.
He said the transition management business was being heavily influenced by the credit crisis and market volatility.
"As a result of these factors, transition managers such as MTM, which operate under the fiduciary model, are benefiting because of their commitment to transparency.
"We are continuing to add market share and our volumes have compounded at more than 40 per cent annually over the last three years," Keleher said.
He said the European, Middle East and African and Australian elements of the business had grown at almost three times the rate of MTM's US and Canadian-based businesses.
AUTHOR
Mike Taylor
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