BNY Mellon, a global leader in investment services and investment management, has appointed Paul Farrell as the new head of sales and relationship management for corporate trust in the MIddle East and North Africa (Mena) region.

Farrell replaces Brian Hoey who has moved to BNY Mellon’s Global Client Management team in London.

In his new role, Farrell will oversee BNY Mellon’s corporate trust relationships across offices in Abu Dhabi, Beirut, Cairo, Dubai, and Istanbul, said the company in a statement.

Based in Dubai, UAE, Farrell will report to Aidan Canny, the managing director of Regional Markets and Investment Managers for Corporate Trust in Europe, the Middle East and Africa (EMEA).

“Paul’s deep understanding of the regional fiduciary infrastructure will strengthen our presence in the Middle East, where BNY Mellon has been serving clients for nearly a century,” remarked Tom Ahern, the head of Corporate Trust for EMEA.

“It’s a dynamic market and we are seeing a number of exciting opportunities in debt-funded public projects and Islamic finance instruments. While at the same time, the extended period of relatively lower oil prices is triggering new long-term funding opportunities from alternative sources,” he stated.

According to him, BNY Mellon provides a full spectrum of corporate trust solutions to its clients in the region, ranging from trustee and agent roles on traditional bond issuance to escrow agent and loan administration roles.

Clients in the region include financial institutions, private sector bond issuers and sovereign entities.

Farrell has worked for BNY Mellon’s Corporate Trust business for 10 years. Most recently he headed up the New Business Implementation team in Dublin which is focused on structured finance and securitisation.-TradeArabia News Service