The Bank of New York Mellon's asset servicing division has set up a dedicated global outsourcing group led by Lou Maiuri, CEO and chairman of Eagle Investment Systems.
BNY Mellon Asset Servicing says the recent market turmoil has increased appetite for outsourcing as firms choose to focus on their core competencies. In addition, institutions' outsourcing needs are becoming more sophisticated, with a shift from mere process replication to cost savings and efficiencies.
The unit is hoping to take advantage of this, building upon its technology and project management expertise to launch the dedicated group it says will better service today's complex, multi-layered outsourcing arrangements.
BNY Mellon says the new group has 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.
Lou Maiuri, CEO and chairman of BNY Mellon Asset Servicing unit 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, he remains as chairman of Eagle, with the unit's current president John Lehner taking over as its CEO.
Jim Palermo, co-CEO, BNY Mellon Servicing, says: "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."