BNY Mellon Asset Servicing, the securities servicing, has established a dedicated global Outsourcing group that builds upon the companys innovative technology and highly-focused project management expertise to better service todays 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 Mellons 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 Mellons 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 Eagles President, will take over the role of Eagle CEO as of January 1, 2010.
Outsourcing solutions have long been an important part of BNY Mellons offering to investment managers and other financial institutions worldwide, says Jim Palermo, co-CEO of BNY Mellon Servicing. 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.
D.C.