A catalyst is synthesized by a method in which a catalytic metal such as platinum or another noble metal is dispersed onto a support member. A transition metal macrocycle is also adsorbed onto the support, and the support is heat treated so as to at least partially pyrolyze the macrocycle and anchor the transition metal to the support. The catalytic metal is alloyed with the transition metal either during the pyrolysis step, or in a separate step. The catalyst has significant utility in a variety of applications including use as an oxygen reduction catalyst in fuel cells.