The Bank of New York Mellon Asset Servicing, the provider of securities services, has established a dedicated global outsourcing group to serve complex, multi-layered outsourcing arrangements.
BNY Mellon’s new proposition combines 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 improved efficiencies and cost savings to the client.
Lou Maiuri, CEO and chairman of Eagle Investment Systems, will take on the additional role of global head of outsourcing. He will report to Jim Palermo and Tim Keaney, co-CEOs of BNY Mellon Asset Servicing. Mr 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, Mr 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.”
