In this newly created role, Ms Engel will oversee credit administration, underwriting and portfolio risk management. She will be based in the firm's One Wall Street headquarters and will report to Bill Sappington, executive director of national banking. Ms Engel joins from Deutsche Bank.

Ms Engel’s position was created as part of BNY Mellon Wealth Management's ongoing expansion of its private banking business, a spokesperson told WealthBriefing. Mr Sappington was appointed last year for the same reason.

This expansion was outlined by David Lamere, chief executive of BNY Mellon Wealth Management, at a conference in October. Mr Lamere said the bank wants to grow through the acquisition of other wealth management firms.

He said the most attractive candidates have a strong local presence to complement BNY Mellon's more global reach. Already well-established on the US East and West Coasts, Mr Lamere said the company is considering acquisitions in Texas and Florida.

Before joining BNY Mellon Wealth Management, Ms Engel was a managing director and head of US lending for Deutsche Bank's private wealth management group. At Deutsche, she was in charge of the lending business for the firm's private bank and brokerage operations. Prior to this, she was the head of financial sponsors lending at JPMorgan Private Bank.

BNY Mellon Wealth Management has about $158 billion in private client assets and offices around the globe. It caters to clients with at least $1 million in investible assets.