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BNY Mellon to expand $69bn alternatives program

The wealth management arm of the Bank of New York Mellon has appointed former Citigroup executive Ted Berenblum to lead the firm’s expansion of private equity, real estate and infrastructure investments.

The Bank of New York Mellon is expanding its investments in private equity, real estate and infrastructure appointing former Citigroup executive Ted Berenblum to lead the operation.

Berenblum was previously managing director of Citigroup’s global wealth management division responsible for ultra-high net worth investors. He will join BNY Mellon in the newly-created position of head of alternative investments on September 2, the firm said in a statement.

BNY, together with its advisory firms, banks and trust companies, manages around $69 billion (€43.8 billion) in alternative investments. As head of alternative investments for BNY Mellon Wealth Management, Berenblum will investments in private equity and real estate, as well as infrastructure and commodities such as timber and natural resources, the firm said. 

The Pennsylvania-based private equity real estate firm Urdang and the investment management firm WestLB Mellon Asset, formed in 2006 as a joint venture betweehn BNY and German bank, WestLB, are part of BNY Mellon’s asset management division.

Berenblum will report directly to Leo Grohowski, chief investment officer of BNY Mellon Wealth Management.