BNY Mellon Investment Management has appointed Richard Parkin to the newly created role of head of retirement.
Parkin will focus on developing the BNY Mellon’s position in the retirement market and will seek to enhance its intermediary and retail retirement propositions.
He joins the BNY Mellon from his own consultancy firm – Richard Parking Consulting, which he founded in 2018. Prior to this he spend 15 years at Fidelity International in various roles, including leading the response to the pension freedom rules and building its workplace proposition.
BNY Mellon says this appointment builds on work it has done in the retirement space, which includes the launch of its range of risk-rated sustainable multi-asset funds, designed to be relevant to the UK retirement market. These funds are managed by Newton Investment Management, a subsidiary of BNY Mellon IM.
In his new role Parkin will report to Michael Beveridge, head of UK intermediary distribution at BNY Mellon IM.
Beveridge says: “We continue to see increasing demands from clients for products to help with planning for the future, and this planning will require a tailored approach. [Parkin’s] expertise within the retirement market will be invaluable to BNY Mellon IM and its investment firms, when supporting intermediary clients with a full range of solutions through this stage of the lifecycle”.
Parkin adds: “I’m excited to be working across the business to help our clients develop their retirement planning approaches. As we face a challenging economic environment, and with the FCA Consumer Duty and the Retirement Income Advice Review on the horizon, now is the ideal time for BNY Mellon IM to support intermediaries in demonstrating the value of professional help.”
