The Bank of New York Mellon, an asset management and securities servicing company, has appointed Scott F. Posner CEO of its Global Corporate Trust business. He will succeed and report to Karen B. Peetz, who has been promoted to CEO of Issuer, Treasury & Broker-Dealer Services, effective 1 July 2008.
Since joining The Bank of New York in 1997, Posner has held leadership positions within Global Corporate Trust and other securities servicing businesses. He currently oversees all sales and marketing efforts globally for Global Corporate Trust, and was previously responsible for developing and implementing business strategy across the division. He was also CEO of Asset Solutions, a wholly-owned subsidiary of The Bank of New York Mellon that provides commercial loan servicing, and CFO for the companys shareowner services business.
Global Corporate Trust is one of the largest contributors to our Companys earnings and has excellent potential for long-term growth around the world,” says Peetz. Scott has played a key role in creating an industry-leading franchise recognised for delivering high-quality service to its diverse client base. His leadership abilities and knowledge of the debt markets will enable us to further expand the servicing capabilities we offer debt issuers globally and the opportunities for our employees to grow.
BNY Mellons corporate trust business services $12 trillion in outstanding debt from 55 locations around the world. It services all major debt categories, including corporate and municipal debt, mortgage-backed and asset-backed securities, collateralised debt obligations, derivative securities and international debt offerings. BNY Mellons corporate trust and agency services are delivered through The Bank of New York and The Bank of New York Trust Company.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.