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BNY Mellon Reorganizes Charitable Gifts Unit

Harriet Davies Editor - Family Wealth Report 2 September 2011

BNY Mellon Reorganizes Charitable Gifts Unit

After announcing a change in leadership yesterday, BNY Mellon has reorganized the charitable gifts services division of its wealth management business.

As part of the adjustment, Sally Rubin has been appointed as director of charitable gifts services investments. She joins the firm after 12 years in the institutional investment industry, to lead the charitable gifts investment team, and with overall responsibility for the division’s relationships. Her latest position was as vice president and equity partner with Boston-based Frontier Capital Management.

She reports to CGS managing director George Rio, who has just taken up that position as part of the same reshuffle.

The new strategy was organized by Erich Smith, executive director of BNY Mellon Wealth Management. Smith created new roles at the unit and asked Rio to move from his former position with the firm’s Family Office Services group, to lead CGS. Rio’s role now includes the day-to-day management of teams in Boston, Massachusetts and Greensboro, North Carolina.

BNY Mellon’s CGS business has around 100 clients and $2.7 billion in client assets, offering planned giving services to universities, hospitals, community foundations, and other non-profits.

Yesterday the firm announced that Gerald Hassell is taking over from Robert Kelly as chairman and chief executive, effective immediately, due to differences in approach to managing the company. Hassell is a Bank of New York veteran, having joined that firm’s management development program more than thirty years ago.

Last month saw a number of changes at the financial services provider, particularly at its wealth unit where it created two new senior roles to drive sales and expand tax and estate planning services, hiring Paul Sari and Joshua Miller respectively. The firm also named Diego Folina as its new country executive for Mexico in August. 

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