BNY Mellon has made a major reorganization in the highest levels of its Asset Servicing management team.
Vince Sands, former head of BNY Mellon Asset Servicing for the Americas, is now deputy CEO of BNY Mellon Asset Servicing. He will report to Tim Keaney, vice chairman and CEO of BNY Mellon Asset Servicing.
Sands was president of Mellon Global Securities Services when Mellon merged with The Bank of New York in 2007. At that time he was appointed head of the US Asset Services division of BNY Mellon, reporting to Tim Palermo, then co-head of BNY Mellon Asset Servicing along with Keaney.
Samir Pandiri, previously CEO of BNY Mellon Shareowner Services, which was recently sold to Computershare, replaces Sands as head of the Americas Asset Servicing business and will report to Sands.
Lou Maiuri, previously head of outsourcing, is now head of the Global Financial Institutions business. Maiuri previously was CEO and chairman of Eagle Investment Systems, the financial technology division of BNY Mellon, and was appointed in December 2009 to lead the firms newly created outsourcing division.
Maiuri takes over from Nadine Chakar, who is leaving the Asset Servicing division to become global head of BNY Mellons Derivatives360 business. Derivatives360, part of the Financial Markets and Treasury Services division of BNY Mellon led by Karen Peetz, vice chairman and CEO of the division, comprises an array of offerings for issuers and investors involving the execution and processing of derivatives, including trading and execution, derivatives middle-office outsourcing services and back-office recordkeeping services. Observers say Derivatives360 is an increasingly important business for BNY Mellon as clients deal with changing market structures and increasing regulations in the derivatives space.
In the new role, Chakar succeeds Patrick Tadie, who has been named business executive for the company’s Alternative and Broker-Dealer Services businesses.
Having worked her way up through the ranks at Mellon throughout her career, Chakar became head of EMEA for BNY Mellon Asset Servicing in 2007 following the merger of The Bank of New York and Mellon Financial. She became head of the Global Financial Institutions (GFI) group when it was formed in 2010. In her new role, Chakar will report directly to Peetz.
At a time of unprecedented market and regulatory change in the derivatives markets, Nadine’s proven leadership and abilities will ensure that we continue to meet the evolving needs of our clients as we expand our derivatives offerings globally, Peetz says.
Hani Kablawi is named as head of EMEA Asset Servicing, subject to regulatory approval. Kablawi most recently was head of client management for the EMEA region, and is also chairman of the Middle East & Africa for BNY Mellon.
Kablawi is replacing Frank Froud, who is leaving the company. Froud took over as head of EMEA Asset Servicing when Chakar was appointed head of GFI in 2010.
Both Maiuri and Kablawi will report to Keaney. Chong Jin Leow, head of Asia Pacific Asset Servicing, will continue to report to Keaney.
“These changes will enable us to have a more focused and streamlined approach to building our business and delivering excellent client service in a rapidly changing economic environment, Keaney says. Vince, Samir, Lou and Hani all have terrific experience within our company and deep knowledge of the asset servicing business. We have excellent bench strength in our management team, and I am looking forward to working with all of them to design and deliver the best and most innovative solutions and services to our clients around the world.
Keaney was the London-based head of The Bank of New York in Europe when the firm merged with Mellon Financial. He was appointed co-head of BNY Mellon Asset Servicing upon the merger along with Palermo, former CEO of the asset-servicing group at Mellon in Boston. In September 2010 the firm appointed Palermo vice chairman and CEO of its Global Client Management group, leaving Keaney as sole head of Asset Servicing.
We are grateful to Frank for his contribution to the company and to Nadine for her leadership within the Asset Servicing business over the past decade, Keaney says. Both have played an important role in the successful integration of The Bank of New York and Mellon Financial Corp. following our merger in 2007, and we wish them all the best for the future.”
(CG)