GLOBAL – Mellon Financial Corp. has hired Robert Capone from Marsh & McLennan as its head of defined contribution activities for Mellon Asset Management, a new role.

He will be responsible for all DC investment-only activities and for “managing efforts across the organization to expand Mellon's overall DC presence, penetration and asset base”.

He’ll be based in Boston and report to MAM’c chief operating officer Scott Wennerholm. Mellon said his primary goal is to increase DC assets under management by combining the Mellon and Dreyfus sales channels.

"Seismic demographic, economic and political changes are reshaping the issue of how Americans will fund their retirement," said MAM president Ronald O'Hanley.

“Hiring Rob Capone marks an important step in our retirement strategy and will ensure we are providing the right products, services and solutions to the DC marketplace, now and into the future."

Mellon said Capone spent 10 years at Marsh & McLennan subsidiaries Mercer and Putnam Investments. He was most recently managing director for participant services.

He was previously at Fidelity Investments.

Earlier this week Mellon named Wachovia’s chief financial officer Bob Kelly as its new chairman, president and chief executive to replace incumbent Martin McGuinn.