Commonfund's chief executive officer Catherine Keating is leaving the asset manager to become CEO of Bank of New York Mellon Corp.'s wealth management unit.
Keating will join the bank on July 9 and report to Mitchell Harris, CEO of BNY Mellon Investment Management, according to a statement Thursday from the firm. Keating, who has served as president and CEO of Commonfund since 2015, will be replaced by the firm's chief investment officer Mark Anson.
BNY Mellon Wealth Management, whose clients include individuals, family offices, endowments and foundations, had $246 billion of assets at the end of March. Keating will be setting the strategic direction for the unit, which has seen “robust revenue growth” for six straight years, according to the statement.
"Catherine is a seasoned CEO with a strong track record in leading wealth management and asset management organizations," Harris said in the statement. “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.”
Commonfund announced Thursday that Keating will leave the Wilton, Connecticut-based asset manager at end of the month, with Anson taking over her roles while continuing to serve as CIO of the non-profit firm. Commonfund manages $25 billion of assets for institutional clients, including endowments, foundations, and public sector investors.
"Catherine embraced Commonfund's three pillar mission of performance, service and insight with passion and energy,” Robert Litterman, chairman of the firm’s board of trustees, said in the announcement. As part of the reshuffling prompted by her departure, the firm's Deborah Spalding and Kristofer Kwait will become deputy CIOs.
Before Commonfund, Keating worked at JPMorgan Chase & Co. for almost twenty years, filing various positions that included head of investment management for the Americas from 2011 to 2015. She also served as CEO of JPMorgan’s U.S. private bank and global head of fiduciary and wealth advisory services.
"This is a transformational time for the wealth management industry, and I'm thrilled with the opportunity to lead BNY Mellon's wealth management business," Keating said in the statement about her hire.