America's oldest private bank, Brown Brothers Harriman (BBH), is looking to the future by appointing CIO Michael McGovern to a newly created role overseeing its fintech business.
As head of investor services fintech offerings, McGovern will look after the middle office services and software-as-a-service technology BBA provides to asset managers and financial institutions.
BBA claims a fintech client base of over 250 institutions and says that demand for the kind of capabilities it offers has spiked. McGovern will focus on data strategy and client information delivery channels - two areas that asset managers and financial institutions have increasingly looked to tap for revenue generation, cost control, and product enhancements.
Says McGovern: "BBH's focus on asset managers and financial institutions means that a lot of what we develop for ourselves to achieve efficient, scalable, and compliant cross-border operations is directly relevant to clients.
"Clients can use these innovations as their own, whether or not they also use BBH for financial or business process outsourcing services. This is a great time and a great opportunity to help clients achieve their strategic objectives with digital and data solutions."
McGovern's role of CIO will be replaced by co-heads of technology, filled by current MDs Brian Condon and Lorrie Gordon.