SOUTHERN EUROPE – The Bank of New York is bolstering its capabilities in southern Europe, with the appointment of Carlo Montagna.

Montagna has been appointed as managing director, responsible for the bank’s investment manager clients in southern Europe.

He will oversee the development of the bank’s business among investment managers and foundations in Italy, Spain and Portugal. Montagna will be based in Luxembourg and will report to Thomas Zeeb, managing director of the bank’s investor services in London.

Prior to joining the Bank of New York, Montagna was general manager of IMI Bank in Luxembourg. He has also worked for Banca IMI in Milan, Banca Nazionale del Lavoro in Rome, and San Paolo, Turin.

Commenting on the appointment, Zeeb said: "Carlo brings extensive experience in custody, depositary banking and treasury and a deep understanding of the local markets. With his leadership, we can respond to the changing requirements of our institutional clients in southern Europe with effective, comprehensive solutions to the challenges they face."

The Bank of New York has over 7.9 trillion dollars in global assets under custody.