BNY Mellon has appointed Akash Shah as its head of strategy, a newly created position.

Shah will assume the new role on 30 July 2018. He will also become a member of the firm’s executive committee and will report to the CEO Charles Scharf.

“I am excited to join BNY Mellon and look forward to working with the many talented executives within the Strategy organization to optimise our global business to better serve clients,” Shah said.

Based in New York, Shah will manage the development and implementation of the firm’s long-term objectives. He will also be responsible for shaping external partnerships.

Shah most recently served as the partner in the New York office of McKinsey & Company. He formerly co-headed McKinsey’s capital markets and investment banking practice.

“Throughout his career, Akash has focussed on transforming companies. We’re at an exciting moment in BNY Mellon’s long history, focussed on organic growth and innovation.  Akash’s leadership will be integral in continuing to transform our business to better serve our clients,” Scharf noted.

BNY Mellon offers investment management services in 35 countries. The business reported $33.6 trillion in assets under custody and/or administration and $1.8 trillion in assets under management at the end of June 2018.