Women’s networking group 85 Broads, bought by banking powerhouse Sallie Krawcheck (pictured, right) in May, has hired Allyson McDonald as president.

McDonald (pictured, left)will oversee day-to-day operations of the business and work to develop and execute future plans. She has previously worked at Goldman Sachs, Fidelity Investments and New York Life, and more recently has been serving as a consulting on investing and philanthropy. Reports suggest the move means 85 Broads is likely to invest capital in companies owned or led by women.

Krawcheck is said to be considering establishing an investment fund.

Krawcheck, who was named number No. 2 on American Banker’s 2012 list of The 25 Women to Watch, bought the company from Janet Hanson, the founder of 85 Broads and a former executive from Goldman Sachs. Krawcheck has a long track record in banking, having served as president of Bank of America’s global wealth and investment management division, CEO of Sanford C. Bernstein CEO and CFO at Citigroup. 

85 Broads was founded in 1997 by women working for Goldman Sachs at 85 Broad Street, in New York. The network boasts more than 30,000 paying members, including alumnae and students from leading universities. The group’s 37 chapters host networking events.

For more on Krawcheck’s plans for 85 Broads, see “Why 85 Broads? A Krawcheck Q&A.”