The head of Asia Pacific at Bank of New York Mellon Asset Management has stepped down from his role to head up the bank’s exchange-traded funds unit, Mellon Capital, according to media reports.

David Jiang, formerly chief executive of Asia Pacific based in Hong Kong, has moved to San Francisco to lead the global sales team at the ETF business.

The Asia Pacific team will now work under Alan Mearns, CEO of BNY Mellon Asset Management International. Mearns reports to Mitchell Harris, interim head of the asset management entity.

BNY Mellon was unavailable for comment at the time of publication.

The appointment comes in the wake of news that US-listed ETF and exchange-traded product assets have broken the $1 trillion milestone - a powerful indication of the growing popularity of these types of products, which are lauded for their low costs and transparency.