Pershing, a unit of BNY Mellon, has named Lori Hardwick as its new chief operating officer.

Hardwick joins from wealth management firm Envestnet and will succeed Lisa Dolly, who was recently appointed Pershing's new CEO.

Pershing administers and holds investor assets and offers retail and institutional clearing.

Collectively, the firm’s customers represent over five million investors and $1trn in assets held in custody.

"Lisa and Lori will be a dynamic and complementary leadership combination, adding strength and depth to an industry leading team," said Brian Shea, BNY Mellon vice chairman and CEO, Investment Services.

"Their experience, client-focus and solution orientation will help propel our clients and our business to a higher level of success."