* Ex-MetLife brokerage exec Brett hired for managed accounts
* Former CEO Shea running investment services, tech at
* Former Pershing COO Ron DeCicco took CEO post in January
NEW YORK, March 6 Former MetLife broker-dealer
executive John Brett has joined Pershing LLC to run its managed
investment business, the latest in a series of top management
changes at Bank of New York Mellon Corp's securities
Pershing is the securities industry's biggest provider of
back-office, lending and investment products to brokerage firms,
hedge funds and independent wealth advisers.
Brett, who joined in mid-February as a member of Pershing's
executive committee, oversees fee-based products such as
separately managed accounts and other asset-management programs
offered by Pershing's Lockwood Advisors affiliate and other
third parties to advisers who are not directly involved as
He replaced James Seuffert, a cofounder of Lockwood, who
retired last year.
Bank of New York bought Lockwood in 2002 and Pershing in
2003, and has been altering its various custodial configurations
Former Pershing CEO executive Brian Shea, who had been with
the company since 1983, shifted in January to head investment
services and client technology at the parent bank, and retains
his position as chairman of Pershing. Bank of New York at the
time combined its broker-dealer services, clearing, corporate
trust and global markets and collateral businesses - including
Pershing - into an investment services division head by bank
executive Timothy Keaney.
Shea's CEO role at Pershing was assumed by Ron DeCicco, who
joined the clearing firm in 1971 when it was part of Donaldson,
Lufkin & Jenrette. He was most recently chief operating officer
Lisa Dolly, a 15-year Pershing veteran who had been
overseeing managed investments, has replaced DeCicco as COO.
Brett did not return a call for comment, but a Pershing
spokesman confirmed his arrival. Until last November, Brett was
chairman and senior vice president of MetLife Broker-Dealer
Group and its five independent brokerage units that service some
8,000 brokers. MetLife has not yet named a permanent replacement
for the group, a spokeswoman said.
Brett has previously worked in broker-dealer fund sales at
Merrill Lynch and at fund companies BlackRock Inc and
Lord Abbett & Co.