Declan Denehan and his colleague Douglas Magnolia have been tasked with starting Bank of New York Mellon’s venture capital initiatives. The pair decided to do on-balance-sheet strategic investing and are looking to ramp up the group’s investments. Before moving to become a managing director of strategic group initiatives, Denehan was head of strategy and innovation of the bank. Before the merger of Mellon and Bank of New York, Denehan was chief operating officer of Mellon Securities.