Senior leadership changes across several major asset and wealth managers this week highlight how firms are reinforcing their executive benches as competition intensifies for advisors, institutional partners and high-net-worth clients.
BNY, Northern Trust and Blackstone have each unveiled new appointments designed to strengthen their wealth leadership teams and support expansion across advisor and private wealth channels.
BNY announced a leadership realignment affecting both its Wealth Solutions and Markets businesses, including the appointment of Rebecca Crowe as chief operating officer of Wealth Solutions.
Crowe will report to Adam Vos, global head of Wealth Solutions, and work alongside business and functional leaders to advance strategic initiatives, improve client service and scale operational discipline across the platform.
Her appointment forms part of a broader effort by the firm to strengthen leadership oversight and expand its wealth solutions and managed accounts ecosystem.
“We are pleased to welcome Rebecca as Chief Operating Officer for Wealth Solutions. Having worked closely with her during her tenure as COO of BNY Markets, I’ve seen firsthand her ability to lead at scale and execute with impact,” said Adam Vos, Global Head of Wealth Solutions at BNY. “Her appointment marks an important step as we continue to build a more integrated, scalable Wealth Solutions organization. As the wealth landscape evolves, we are aligning our leadership, businesses and structure to better serve advisors and institutions. Rebecca’s deep operating expertise and proven track record of driving complex strategic initiatives will help accelerate our growth and enhance the value we deliver to clients.”
Crowe brings more than 25 years of experience in capital markets and operational leadership. Most recently, she served as chief operating officer of BNY Markets, where she oversaw strategic planning, first-line risk management and the rollout of commercial and regulatory initiatives. She also led the launch and development of the firm’s Buy-Side Trading Solutions business.
Within the Markets division, BNY is also expanding the responsibilities of Nelius De Groot, who will become chief operating officer of Markets while continuing as head of Markets International. He will also lead the Markets Hub initiative.
Jason Vitale, executive platform owner and global head of execution services, will take on responsibility for the Buy-Side Trading Solutions business. Dragan Skoko, head of Buy-Side Trading Solutions, will report to him.
The firm is also introducing two dedicated operating platforms. Nehal Udeshi will lead the Securities Finance platform, while Clint Craft will oversee the Liquidity & Margin platform. Vitale, De Groot, Udeshi and Craft will report directly to Laide Majiyagbe, global head of Markets.
Majiyagbe said the leadership changes are intended to support the next phase of expansion across trading, financing and execution services.
Northern Trust also strengthened its wealth management leadership team by appointing David Albright as global head of sales for its wealth management division.
In the role, Albright will oversee the firm’s global sales strategy and client development efforts, reporting to wealth management president Jason Tyler.
The appointment comes as Northern Trust continues expanding its advisory capabilities and targeting growth among affluent families, family offices and institutional clients.
“Dave has spent his career working alongside sophisticated families that are increasingly complex and global. He understands what they expect and how to organize our teams to deliver value consistently,” Tyler said. “His institutional knowledge and execution mindset will be critical as we continue to scale and accelerate momentum.”
Albright previously led client development for Northern Trust’s Global Family & Private Investment Offices segment and helped drive significant expansion within that unit.
Blackstone is expanding its private wealth leadership ranks with two appointments aimed at accelerating global growth.
The firm promoted Rashmi Madan to the newly created role of global head of portfolio solutions for private wealth. In that position, she will lead the development and scaling of multi-strategy investment offerings designed for advisors and individual investors.
Meanwhile, Simona Maellare will join the firm as head of EMEA for private wealth. She will oversee the expansion of Blackstone’s private wealth platform across Europe and the Middle East.
Maellare previously served as global co-head of the alternative capital group at UBS and brings more than three decades of experience working with alternative asset managers on fundraising and strategic growth initiatives across the region.
Blackstone said the appointments will support continued expansion of a private wealth channel that now represents more than $300 billion in assets under management globally.
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