Mr Connolly will be responsible for developing the asset management business in the region and will be based in the Bank of New York Mellon Dubai branch office at the Dubai International Financial Centre, which opened in June, working alongside Aki Akiwumi-Thompson.

He will report to Pauline Stuart, executive director of institutional business for Europe, Middle East and Africa.

Mr Connolly joins BNY Mellon Asset Management from the Abu Dhabi Investment Authority, where he was responsible for the management of portfolios in both the equity and fixed income departments. Prior to that role, Mr Connolly was a senior analyst in the Equity Research department of Bear Stearns in New York.

“This appointment highlights our continued commitment to grow our asset management business in the Middle East and Africa,” said Alan Mearns, chief executive of BNY Mellon Asset Management International.

In June, BNY Mellon established a regional management and line of business hub in Dubai. This was opened to support the bank’s established activities in the region, in Abu Dhabi, Beirut, Cairo, Istanbul and Johannesburg. The Dubai office of BNY Mellon received its branch license from the Dubai Financial Services Authority in April.

BNY Mellon is one of the many global banks to have expanded in the region over recent years to exploit the increased demand for wealth management services caused by rises in oil prices and a corresponding rise in wealthy residents.

BNY Mellon has more than $22.4 trillion in assets under custody and administration and approximately $1.1 trillion in assets under management.