GLOBAL – Mellon Financial has named Drew Pace as executive vice president and director of global institutional sales and marketing.

It said Pace would report to chairman and chief executive Martin McGuinn and be based in Boston. The Pittsburgh-based group said Pace was formerly senior vice president and director of sales and marketing at the investor Services Group at State Street. It added he had been at State Street since 1990.

"We have taken a number of aggressive steps toward building a new sales culture, which can help us significantly increase revenues," McGuinn said.

"Bringing Drew Pace to Mellon, along with other actions we have been taking to strengthen our sales processes and organization, should yield measurable results in the short term and lay the groundwork for our long-term success."

A State Street spokeswoman said he would not be replaced immediately.

Mellon has around 3.6 trillion dollars in assets under management, administration or custody, including more than 675 billion dollars under management.