BNY Mellon has hired Lars Hella as new head of depotbank services in Germany.

Hella will be based in Frankfurt and will report to Laura Ahto, COO of Investment Services at BNY Mellon in Germany.

Hella, who has joined the BNY Mellon in July this year, most recently served at the firm’s global securities operations sector.

Hella has extensive industry experience in the fields of German and Luxembourg custodians, global custody, and capital management companies (KAGs) as well as fund accounting and administration.

Prior to joining BNY Mellon, Hella has served various roles with the German consulting firm itechx, CACEIS and State Street.

Thomas Brand, head of investment services for Germany at BNY Mellon, said: "In his new role Lars will be key to driving excellence and innovation around our established depotbanking activities.

"His long experience and broad expertise in this space means he is ideally placed to further consolidate BNY Mellon’s reputation as a leading provider of depotbank services here in Germany and to ensure our clients benefit to the full from the significant investment and intellectual capital we have committed to this business," he added.

The depotbank business of BNY Mellon in Germany currently has 75 employees and holds assets under custody of €133.5 billion as of 30 September 2013.