BNY Mellon Asset Servicing Establishes Dedicated Outsourcing Group
December 15 2009 - 8:00AM
PR Newswire (US)
Lou Maiuri, CEO & Chairman of Eagle Investment Systems, becomes
Global Head of Outsourcing NEW YORK and LONDON, Dec. 15
/PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the global
leader in securities servicing, has established a dedicated global
Outsourcing group that builds upon the company's innovative
technology and highly-focused project management expertise to
better service today's complex, multi-layered outsourcing
arrangements. Lou Maiuri, CEO and Chairman of Eagle Investment
Systems, takes on the additional role of Global Head of
Outsourcing, reporting to Jim Palermo and Tim Keaney, co-CEOs of
BNY Mellon Asset Servicing. The market turmoil over the past year
has only accelerated the appetite for outsourcing, with ever more
firms taking a hard look at their business models and choosing to
focus on core competencies while outsourcing other functions.
Moreover, institutions' needs around outsourcing are becoming more
sophisticated, with a shift from mere process replication to cost
savings and efficiencies. A key element of BNY Mellon's new
proposition is the ability to combine back office functions such as
administration and recordkeeping with middle office servicing
capabilities, spanning multiple books of business, all on a single
platform to offer enhanced efficiencies and cost savings to the
client. Maiuri will have direct responsibility for all aspects of
the outsourcing business including product design and architecture,
client solutions and implementation, and product profitability. He
will work alongside BNY Mellon's regional business, operations and
technology groups to design and implement successful outsourcing
solutions. In addition to his new role, Maiuri will remain Chairman
of Eagle. John Lehner, currently Eagle's President, will take over
the role of Eagle CEO as of January 1, 2010. Jim Palermo, co-CEO of
BNY Mellon Servicing, said: "Outsourcing solutions have long been
an important part of BNY Mellon's offering to investment managers
and other financial institutions worldwide. As an industry leader
in technology and client service, BNY Mellon has further focused
and strengthened our capabilities and today is uniquely positioned
to meet firms' needs in this space through our extensive core
operational capabilities and technology applications and
established track-record." BNY Mellon Asset Servicing today
services 54 outsourcing clients with $1.7 trillion in assets
worldwide. BNY Mellon Asset Servicing offers clients worldwide a
broad spectrum of specialized asset servicing capabilities,
including custody and fund services, securities lending,
performance and analytics, and execution services. BNY Mellon is
the corporate brand of The Bank of New York Mellon Corporation. BNY
Mellon is a global financial services company focused on helping
clients manage and service their financial assets, operating in 34
countries and serving more than 100 markets. BNY Mellon is a
leading provider of financial services for institutions,
corporations and high-net-worth individuals, providing superior
asset management and wealth management, asset servicing, issuer
services, clearing services and treasury services through a
worldwide client-focused team. It has $22.1 trillion in assets
under custody and administration and $966 billion in assets under
management, services $11.9 trillion in outstanding debt and
processes global payments averaging $1.6 trillion per day.
Additional information is available at http://www.bnymellon.com/
DATASOURCE: BNY Mellon CONTACT: Tim Steele, +44 20 7163 5850, , or
Joseph F. Ailinger, +1-617-722-7571, , both of BNY Mellon Web Site:
http://www.bnymellon.com/
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