BNY Mellon’s Pershing, which offers custody and clearing services to wealth managers, has named James Crowley as its new CEO.

Crowley has been working at Pershing for over 35 years.

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He will assume the new role on 1 July 2019, replacing Lisa Dolly who has held the responsibility for three years.

Crowley will also sit on the executive committee of BNY Mellon.

He will report to vice chairman and CEO of clearing, markets and client management Todd Gibbons.

At present, Crowley serves as the COO of Pershing and previously was its chief relationship officer.

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Meanwhile, Dolly will chair Pershing until the end of this year.

Dolly will serve as an adviser to Crowley, support onboarding of new business and continue to manage client relationships as chairman.

Gibbons stated: “Lisa and Jim have worked closely together for several years in both running the firm and in setting the strategic direction.

“Given this history and partnership, our clients can expect a seamless transition between now and the end of the year.”

Apart from clearing and custody, Pershing also offers investment and retirement solutions, enterprise data management, trading services, prime brokerage as well as business consulting.

Its parent BNY Mellon had $34.5 trillion in assets under custody and/or administration at the end of March 2019.