Gregory Roath has been promoted to head of Bank of New York Mellon's depositary receipt business in Asia-Pacific, replacing Christopher Kearns who has relocated to New York, according to a press release.
BNY Mellon is one of the top four DR banks globally and, according to the release, it advised on just over half of the new DR programmes that were created in Asia last year. Its overall market share in the region is 56%.
Roath, who is based in Hong Kong, was previously head of the depositary receipts division in North Asia, where he was responsible for the region's relationship management and new business development teams.
He has more than a decade's experience in depositary receipts, having joined BNY Mellon in New York in 1999. Initially he worked with product and relationship management for Western Europe and then spent seven years in London managing new business development and relationships in Central Europe, Russia, the Ukraine and Kazakhstan, before moving to Hong Kong.
Prior to joining BNY Mellon, Roath worked for the United States Agency for International Development in Croatia and Bosnia-Herzegovina.
In a written comment, Michael Cole-Fontayn, CEO of BNY Mellon's depositary receipts business, noted that Asia continues to be a dynamic and growing marketplace and remains one of the most active DR markets in the world. "We see great opportunities from Asia-Pacific issuers this year, as the strong economic rebound across the region and the continued shift in the flow of funds from developed markets to the region has shown."
Meanwhile, Kearns will take up the role of global product manager, which makes him responsible for global business strategy and product development. He will also serve as deputy to Cole-Fontayn, who is based in London.
Kearns joined BNY Mellon's international private banking division in London in 1989 and moved to the DR division in 1991. In 2003 he moved to Hong Kong to lead sales and marketing for DRs in Asia and was made business head for the region in 2008.
"Chris's promotion is a reflection of his strong leadership and outstanding business judgment. Under his direction our DR business in Asia has achieved tremendous results and his global acumen will play an integral role as we continue to drive innovation across the depositary receipts industry worldwide," said Cole-Fontayn.
