BNY Mellon has appointed Michael Gordon to head its newly-created retirement and strategic solutions group.

BNY Mellon has appointed Michael Gordon to head up its newly-created retirement and strategic solutions group.

Kim Mustin, BNY Mellon Investment Management's head of North American distribution, said the firm is looking to add non-traditional investment solutions to its current retirement offerings.

Most recently, Gordon was managing director of non-traditional solutions and special situations for BNY Mellon Investment Management. In that role, he led - and will continue to lead - the Home Equity Retirement Solutions business, which plans to purchase, securitize and service reverse mortgages and provide advisory services to brokers, financial advisors and asset managers on how reverse mortgages fit into retirement planning. 

“The retirement industry is rapidly evolving from accumulation as clients' primary objective. In less than three years, more than 50 per cent of US individual assets will be in retirement transition or retirement distribution,” said Gordon. 

“Complicating matters, an estimated $6 trillion dollar gap exists between what these retirees have accumulated and what they will need in transition and in terms of income they will need in retirement,” he added.