NEW YORK, Oct. 15 /PRNewswire-FirstCall/ -- BNY Mellon has appointed Timothy Vara president of The Bank of New York Mellon Trust Company, N.A., a nationally chartered trust company with 38 offices throughout the United States, effective January 1, 2011.
In his role as president, Vara will oversee the company, which delivers a broad range of trust, custody and agency services to issuers of debt and institutional investors. Vara replaces Troy Kilpatrick, who was recently named head of global business development and marketing for BNY Mellon Corporate Trust.
Vara joined BNY Mellon in 2006 and manages the Corporate Trust Public Finance Central Region. In that role, he oversees 16 state regional organizations with over 32,000 trust accounts, $90 billion in investment assets and more than 200 employees. Vara, who has more than 25 years of experience in financial services, has a bachelor's degree from Brown University, a master's degree from John Carroll University, and a law degree from The Ohio State University College of Law.
"Tim is a well-known and highly respected leader in the industry with a keen understanding of the corporate trust needs of our clients in the United States, making him the ideal choice for this strategically important position," said Scott Posner, chief executive officer of BNY Mellon Corporate Trust.
BNY Mellon Corporate Trust services nearly $12 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $21.8 trillion in assets under custody and administration and $1.0 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.
SOURCE BNY Mellon