Earlier this year, BNY Mellon's Scharf proposed a move to an ‘open solution model’ where it will work with external providers and platforms.
The appointments follow the recent addition of an artificial intelligence (AI) and robotics expert from State Street last month.
Custodians are moving to becoming one-stop-shop platforms, enabling investment managers to access a wider range of data and analytics tools.
BNY Mellon plans to deliver real-time trade data, asset prices and cash positions to the 40-50 clients it shares with BlackRock’s Aladdin.
Panelists argued an organisation from outside the asset management industry could pull buy-side firms together.
State Street announced assets under custody of $33.8 trillion, up 9% year-on-year and overtaking BNY Mellon for the first time in three years.