Standard Life Aberdeen (SLA) and BNY Mellon Investment Management have both made senior distribution hires – each moving from the other.
The Edinburgh-based asset manager has appointed Fergus McCarthy, former head of UK & Ireland intermediary sales at BNY Mellon IM, to the newly created role of UK distribution director for regional accounts.
Meanwhile, former ASI head of UK investment distribution Michael Beveridge has joined the New York-headquartered bank as head of UK intermediary distribution.
He left his previous employer in February amid a broader restructure of the distribution side of the business, which also saw three other sales bosses depart.
Each new hire brings more than two decades experience in financial services distribution to their new roles, in which they will each oversee their respective firm’s product sales strategies to advisers and other investors.
McCarthy (pictured), who will report to SLA managing director of UK distribution Noel Butwell, said: 'I am looking forward to joining the firm and working with Noel and his executive team in the UK.
‘I am also excited by the prospect of leading the Regional Accounts team and utilising the breadth of my industry experience, to deliver the Investment and Platform ambitions in the UK Wholesale market.’
Set to join BNY Mellon on 29 July, Beveridge will report to its head of European intermediary distribution Hilary Lopez.
He said: 'BNY Mellon Investment Management is a reputable global investment house with excellent product capabilities, I am very much looking forward to joining the company to support it in its next phase of growth in the UK market.'
Lopez commented: ‘We are delighted to have attracted someone of Michael’s calibre to lead our UK intermediary business, which continues to be strategically important for BNY Mellon Investment Management.
‘I am excited to welcome Michael to the team.’