The Bank of New York Mellon Tuesday announced Gary Strumeyer has been named president of the capital markets group, responsible for municipal and taxable trading, as well as corporate debt issuance.
Strumeyer replaces Ian Stewart, who left to take another position at the company. In the new capacity, Strumeyer will oversee all fixed-income desks, including sales and trading of both tax-exempt and taxable bonds, such as U.S. government agencies, odd-lot corporate bonds, and mortgage-backed securities.
Strumeyer is a 24-year veteran of the municipal market and the firm, where he began as a high-net-worth municipal salesman. About a decade ago, he was put in charge of the bond and money-market group within the capital markets subsidiary, and the promotion puts him in charge of all fixed-income efforts.
On the tax-exempt side, the Bank of New York Mellon is a regional player focused on the sales and trading of New York, New Jersey, Connecticut, and Pennsylvania credits.
In recent years, Strumeyer has broadened his experience into corporate bonds. He recently served on the corporate debt market panel for the Financial Industry Regulatory Authority, which made recommendations aimed at protecting investors in the corporate bond market.
His climb up the fixed-income ladder parallels that of the Bank of New York's broker-dealer business, a small muni shop years ago that has grown into a significant niche player, according to Strumeyer. He will oversee between 50 and 100 employees in various offices throughout the northeast.
"We started out years ago as a muni bond house and we have grown the business into an overall fixed-income sales and trading broker-dealer," Strumeyer said.
The Bank of New York Mellon is primarily an asset management firm, with more than $24 trillion in assets under custody, administration, or management. The firm also services $11 trillion of outstanding debt.
