State Street has hired BNY executive Vanessa Fernandes as head of digital assets in a push to focus on the firm’s digital asset strategy, the bank announced Monday.

Fernandes is a 25-year veteran in the financial services space, specializing in technology and operations. She will be based out of New Jersey. 

Fernandes will report to State Street’s chief product officer, Donna Milrod, who will continue to lead digital assets overall. Fernandes, meanwhile, is tasked with leading the execution of the firm’s enterprise strategy for digital asset services, a State Street spokesperson told Banking Dive via email.

Milrod has been managing State Street’s digital asset solutions since Nadine Chakar, who led the unit, left the bank in January 2023 to join crypto infrastructure firm Securrency as its CEO.  

The Boston-based lender’s global head of digital custody and payments, Swen Werner, also left the bank last year.

State Street launched its digital unit in 2021. Its digital asset solutions include fund administration and accounting, tokenization as a service for assets and fund structures, custody, and digital cash.

Fernandes’ role will require her to partner with leadership teams across product, technology, operations and chief commercial office to implement the firm’s digital asset strategy, according to the company. 

“I am thrilled to join State Street to help drive the next phase of digital innovation at such a pivotal time for the industry and its clients,” Fernandes said in a statement. “I look forward to collaborating with the talented team at State Street to further integrate digital capabilities into our core offerings and build a stronger, more future-focused foundation for our clients.”

State Street’s move to hire Fernandes follows the lender’s collaboration with Taurus, a digital asset infrastructure provider, in August to deliver digital asset capabilities for the company’s clients. 

Aiming to offer companies in the digital asset space products beyond cryptocurrencies and bitcoin, the asset management arm of State Street teamed up with Galaxy Asset Management, a digital assets and blockchain investment manager, in June. 

Earlier this year, State Street restructured its digital asset division, integrating staff into conventional finance and tech operations for closer alignment, resulting in some layoffs, according to Bloomberg.

Prior to joining State Street, Fernandes spent two years as global head of digital experience at BNY, where she developed a digital-first strategy to transform the bank’s platforms and products, State Street noted. 

She held several leadership roles at Itaú Unibanco, where she oversaw quantum computing, blockchain and open source. 

Fernandes’ expertise in the field will help build on State Street’s foundation while developing and executing its digital asset strategy that “over time, will impact nearly every facet of our company and transform our industry,” Milrod said in a statement Monday.