BNY Mellon Asset Servicing has established a new Global Financial Institutions (GFI) group to be led by Nadine Chakar, formerly head of Europe, Middle East and Africa (EMEA) Asset Servicing.
“I am delighted to have this opportunity to lead our new GFI group, which will lead the way in delivering innovative and tailored solutions and high-quality service to our clients as they look to regroup and grow their businesses in the wake of the global financial markets crisis,” Chakar says.
The GFI group will support the future needs and growth plans of clients and prospects in the banking, mutual fund and insurance sectors, says BNY Mellon.
“The creation of our GFI group in conjunction with our acquisition of the PNC Global Investment Servicing business, as well as our anticipated acquisition of BHF Asset Servicing in Germany, enhances our position as a premier partner to our financial institutions clients as they seek to take full advantage of the burgeoning global recovery,” says Jim Palermo, co-CEO of BNY Mellon Asset Servicing.
The development of the new group comes a week after the rearrangement of key members of the BNY Mellon Asset Servicing business, and continues the shuffling trend. (See BNY Mellon Shuffles Asset Servicing Team here.)
Within the new group, Chakar will continue to report to Palermo and fellow co-CEO Tim Keaney. Steve Wynne, formerly CEO of PNC Global Investment Servicing, will become CEO of U.S. Funds Services, and Nancy Wolcott, formerly president of PNC Global Investment Servicing, will be head of U.S. Funds Services.
Lou Maiuri, currently global head of outsourcing at BNY Mellon Asset Servicing and chairman of Eagle Investment Solutions, takes on an expanded role as head of U.S. Financial Institutions (which encompasses investment managers, insurance companies and banks) within the new GFI group. Frank Froud, formerly head of client management for the United States at BNY Mellon, returns to London as the new head of EMEA Asset Servicing.
C.G.