Bank of New York Mellon Corp., the world's largest custody bank, said two of its executives, Curtis Arledge and Brian Shea, have been given added duties while another, Tim Keaney, will leave the company.

Arledge, chief executive officer of investment management, will add oversight of a newly formed markets group, the New York-based bank said in a statement today. Shea, who has been president of investment services, will become CEO of the division. They will assume their roles immediately and report to company CEO Gerald Hassell.

"This strategic realignment is about delivering to our clients the most innovative services and solutions available in the market effectively and efficiently," Hassell said in the statement.

Keaney, who led investment services, will depart Sept. 30 to pursue other opportunities, the company said. Two other executives, Brian Rogan, chief risk officer, and Art Certosimo, CEO of global markets, plan to retire at year-end.

BNY Mellon gained 3 percent this year, compared with a loss of 0.9 percent for the 18-member Standard & Poor's index of custody banks and asset managers. The stock has rallied 29 percent in the past year.

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