Karen Novak replaces John Iachello as COO of clearing firm's RIA division. Pershing has made long-time staffer Karen Novak COO of Pershing Advisor Solutions (PAS), the clearing firm's RIA custody business. She replaces John Iachello, who retired at the end of 2007.

Novak is a 20-year veteran of the financial-service industry. She reports to Mark Tibergien, who became PAS' CEO last summer.

All rounder

"Karen has built a portfolio of capabilities that uniquely positions her to meet the responsibilities of this position," says Tibergien. "Not only is [she] an accomplished leader and manager with a proven track record of success, she has a deep understanding of the RIA customers served by Pershing which adds depth to our ability to serve wealth managers, money managers and advisors in transition."

Prior to her latest appointment, Novak was chief operations manager of PAS and a report to Iachello. In that role she was responsible for overseeing operations, customer service, conversions, and branch control for PAS independent advisory clients.

Before she joined Pershing in 1996, Novak held a number of management positions in prime brokerage sales and operations at Lehman Brothers and, at Shearson Lehman, in retail branch operations.

Jersey City, N.J.-based Pershing is a subsidiary of Bank of New York Mellon . -FWR

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