Karen Novak is the new chief operating officer of Pershing Advisor Solutions and reports to Mark Tibergien, CEO of that business, Pershing has announced. Novak is replacing John Iachello, who recently retired, and is responsible for the day-to-day management of Pershing Advisor Solutions; she will oversee operations, control, administration, compliance, and technology.

“With over 20 years of experience in the financial services industry, Karen has built a portfolio of capabilities that uniquely positions her to meet the responsibilities of this position,” explains Tibergien. “Not only is Karen 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.”

Most recently, Novak was a managing director and chief operations manager for Pershing Advisor Solutions and oversaw operations, customer service, conversions, and branch control. She also has been a key component of Pershing Advisor Solutions’ management team.

Before joining Pershing about 12 years ago, Novak held a number of management positions at Lehman Brothers in prime brokerage sales and operations and helped to market the firm’s prime services capabilities. She began her career with Shearson Lehman Brothers.

Pershing, an affiliate of the Bank of New York Mellon Corporation, performs clearing and other services for some 1,150 organizations and independent registered investment advisors.