BNY Mellon has nabbed the CEO of a non-profit institutional asset manager to lead its wealth management business.

Catherine Keating, head of Commonfund, will join BNY Mellon Wealth Management on July 9, and report directly to BNY Mellon Investment Management CEO Mitchell Harris, the bank said.

Keating will replace Don Heberle, who left his post at the end of March after he and the bank’s leadership mutually agreed to separate.

Catherine Keating will set the strategic direction of BNY Mellon’s wealth management business when she joins the firm on July 9.
Catherine Keating will set the strategic direction of BNY Mellon’s wealth management business when she joins the firm on July 9.

Keating will be responsible for setting the strategic direction of BNY Mellon’s wealth management business. She will be based in New York and will be a member of the bank’s executive committee, its senior-most governing body, BNY Mellon said.

Keating has led Commonfund as president and CEO since joining the asset manager in February 2015. Prior to that, she was with J.P. Morgan for nearly two decades, most recently serving as the head of Investment Management Americas, a role she held for almost four years. She also served as CEO of J.P. Morgan’s U.S. private bank.

Harris, who has been overseeing BNY Mellon’s wealth business on an interim basis since Heberle’s departure, lauded Keating’s track record. “Throughout her career, she has demonstrated the leadership skills that we’re confident will make themselves immediately and deeply felt by our staff and clients,” he said in a statement.

Keating alluded to the challenges facing the wealth management industry, saying that it was going through a transformational time. “Throughout my career, I have been privileged to work with complex and growing businesses, strong and diverse leadership teams, and significant clients,” she said. “I’m thrilled with the opportunity to lead BNY Mellon’s wealth management business.”