(Bloomberg) -- BNY Mellon, which oversees about $30.6 trillion in assets, is hiring in Europe as it bulks up its ETFs business to tap into increasing investor demand for cheaper passive products.

The company has named Scott Coey to the newly created position of head of relationship development for hedge funds, ETF and structured products in Europe the Middle East and Africa, a spokesman said. Coey previously ran the firm’s broker dealer services in the region. The appointment follows the hiring of Jeff McCarthy from Nasdaq in January as chief executive officer of ETFs.

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