The star that it is Nadine Chakar continues to rise within the Mellon firmament. The bank today let it be known that Chakar, the CEO of ABN Amro Mellon Global Securities Services, is assuming responsibility for all asset servicing businesses outside North America. She will retain leadership of ABN Amro Mellon.
In US Vince Sands will continue to head asset servicing, while Tom Macmillan retains the same role in Canada in his capacity as head of CIBC Mellon, the other securities services joint venture. All three – Chakar, Sands and Macmillan – will report to vice chairman Jim Palermo in Boston, as head of all of Mellons global asset servicing businesses. Palermo reports in turn to Steven G. Elliott, Senior Vice Chairman.
Vice Chairman Jack Klinck, a rising star identified by former Mellon CEO Marty McGuinn, assumes the newly established role of chief operating officer, also reporting to Palermo. His responsibilities will include all aspects of product management and design, as well as worldwide operations.
The strategic goals of asset servicing are clear, Palermo says. Our clients look to us for a broad set of solutions, and we want to improve our alignment with how they view our services and capabilities by providing a single face to the market. This is even more important as Mellon expands and as our relationships with clients become more global. Our primary goal, as always, is to ensure we provide superior service to our clients every day.
The revised structure mirrors the outcome of a similar review late last year of Mellons asset management businesses, which led to the combination of the Institutional Asset Management and Mutual Funds businesses to create a new, combined organization, Mellon Asset Management.
Just as the creation of Mellon Asset Management has further improved our ability to win more business in that intensely competitive market, the restructuring of our asset servicing organization will make us even more aligned with the needs of our global clients, explains Robert P. Kelly, chairman, president and chief executive officer of Mellon Financial Corporation.
This will also enable asset servicing to improve both its alignment, and its synergies, with asset management.
Mellon says its asset servicing businesses enjoyed a 29 per cent increase in total revenue in the first quarter of this year by comparison with the same period in 2005. Assets under administration or custody reached a record level of $4.1 trillion.