just hired a BNY Mellon
veteran in the Midwest.
| Patrick Drennan
RBC Global Asset Management, U.S.
that last week Chicago-based Pat Drennan
joined RBC Global Asset Management
] as managing director and sales representative of liquidity management, covering the Midwest. Drennan reports to Donohue, managing director and head of liquidity management in the U.S.
Drennan spent 16 years at BNY Mellon
], most recently as vice president of business development for the money market portal and corporate trust products.
"He was a sales person covering the Midwest for us in liquidity services," a BNY Mellon spokesman tells MFWire
. "His role is still yet to be replaced."
Drennan is now the third distribution executive on Donohue's liquidity management team at RBC GAM U.S. Donohue has no immediate plans for more hires, but stay-tuned this fall.
"Once reform hits in October we'll have a good lay of the land and continue to staff appropriately," Donohue tells MFWire
. "As we approach money market reform, we've had non-stop conversations with our existing clients and prospects that are reevaluating their approach to cash."
"RBC in general is committed to this business," Donohue adds. RBC GAM U.S. has more than $33 billion in fixed income AUM. "The majority of our assets are solely focused on the short-duration and liquidity markets."
As for the new hire, Donohue lauds Drennan for having "a career focus on the short duration markets." Hiring Drennan, Donohue says, is "another step in the process for RBC GAM to broaden out [its] liquidity business."
Drennan is an alumnus of the University of Illinois at Urbana-Champaign and of the University of Chicago. Prior to joining BNY Mellon in 2000 he worked at Banc One, Household International, and Dai-Ichi Kangyo Bank. And this isn't his first time inside RBC; he once worked for the bank's securitization group.
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