BNY Mellon hires two wealth management bigs

May 26, 2010 @ 4:11 pm

By Hilary Johnson

BNY Mellon Wealth Management this week announced prominent hires for two new positions, signaling its plan to increase its reach both domestically and internationally.

The $157 billion-asset firm, a unit of The Bank of New York Mellon Corp., said it has hired Peter Moertl, an Austrian national who is a veteran of Wall Street and international investment banks, to head its International Wealth Management group.

Mr. Moertl will divide his time between Europe and the U.S., and he will report to Donald J. Heberle, head of BNY Mellon's Family Office Services and International Wealth Management businesses.

“Peter brings invaluable wealth management expertise and international perspective as we focus on expanding internationally through organic growth, strategic partnerships and/or acquisitions,” Mr. Heberle said in a statement.

Earlier in the week, BNY Mellon Wealth Management said it has hired Peter Berg as vice president and sales director to promote its custody services to registered investment advisors across the U.S. Mr. Berg, who most recently led his own third-party distribution firm, Boston Light Investments, will report to Dan McCarron, head of the BNY Mellon Wealth Management's national custody division.

Mr. Berg explained that his sales efforts will complement, not compete, with Pershing LLC — another Bank of New York unit that offers custody services to registered investment advisers.

“We're on a bank platform,” Mr. Berg said in an interview. “There are certain types of accounts out there, fiduciary accounts, that require separation of principal and income. There are also institutional accounts that by charter require a bank custodian. We complement Pershing, and we may have a relationship with the same adviser that Pershing does.”

Mr. Berg has also worked at HSBC Private Bank, as well as Schwab Institutional.

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