"The alternatives industry will see continued progress in 2011 and will look to trusted providers like BNY Mellon to service the array of complex new funds, structures and strategies being introduced," said Ruane. "In his new role, Alan will only sharpen our ability to deliver timely, innovative products - such as our asset validation-price verification service - that help fund managers satisfy today's investor audience.
"Alan will lead a global team focused on leveraging and integrating capabilities across our business - from administration and risk reporting to cash and collateral management. New offerings like prime custody and rising demand for middle-office outsourcing will also drive growth in the years ahead," Ruane added.
Since June, Flanagan has served as interim head of AIS global product management, while continuing in his role managing the group's private equity administration product set. He also was primary lead for the European integration of the PNC Global Investment Servicing business, acquired by BNY Mellon in July 2010, and has been instrumental in developing plans for the BNY Mellon and GIS banking entities in Ireland and Luxembourg.
Flanagan assumes the role previously held by Rick Stanley, who was named executive vice president of BNY Mellon's Global Structured Finance Group last June. Flanagan, a member of the Institute of Chartered Accountants in Ireland, joined BNY Mellon in 2008.
BNY Mellon Alternative Investment Services - a leading service provider for alternative assets, including single manager hedge funds, funds of hedge funds, and private equity - has more than $350 billion of assets under administration and an extensive global presence, including locations in Bermuda, the Cayman Islands, Guernsey, Hong Kong, Ireland, Japan, Luxembourg, Poland, Singapore and the United Kingdom, as well as U.S. offices in five states. In addition to alternative asset administration, BNY Mellon offers a wide range of cash management, foreign exchange, collateral management, trust, operational outsourcing and custody services to the alternative investment industry.