Falcon will remain head of the Asia-Pacific funds business for the firm.
"He is now responsible for overseeing all aspects of the investment management business in Asia Pacific...and also serves on the global investment management operating committee," said a spokeswoman.
Falcon took charge of the new role in July.
By taking on the new responsibility, he replaces previous CEO Jed Laskowitz, who has assumed a new role as co-head of global investment management solutions in New York.
Falcon relocated to Hong Kong from New York last year after he was named head of Asia-Pacific funds business. Since then, he has been developing the fund business in the region working with local banking, insurance and corporate partners, as well as independent financial advisors.
He will report to global investment management CEO Chris Willcox for his regional CEO responsibilities and continue to report to global investment management clients head George Gatch for his funds business role.
Prior to his role as head of Asia-Pacific funds business, Falcon was head of retirement for global investment management. Previously, he also headed Merrill Lynch’s retirement group and direct businesses.
Meanwhile, the firm said Laskowitz continues to be on the board of China International Fund Management, the firm’s joint venture in China.
The asset manager and its joint venture partner, China International Fund Management, recently said they are seeking regulatory approval to participate in the Mutual Recognition of Funds initiative.