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Mellon to establish global professional services unit

01 July 2005  |  1755 views  |  0 Source: Mellon Financial Corporation

Mellon Financial Corporation (NYSE:MEL) today announced that it is launching Mellon Global Professional Services (GPS), a new business that will deliver value-added consulting services to software and outsourcing clients.

David Palten, current president and chief executive officer of Eagle Investment Systems, will serve in the same capacity for GPS.

GPS will be part of Mellon's Investment Manager Solutions (IMS) group, formed in 2004 to develop and deliver a broad range of outsourcing and technology solutions to investment managers and other financial institutions. GPS becomes the fifth business in IMS - alongside Eagle Investment Systems, Global Investment Administration, Mellon European Fund Services and Russell/Mellon - and meets the needs and requests of clients for assistance in designing and redesigning business processes, building effective operations and supporting their investment processes.

"IMS is in a unique position to provide such services, since it already provides the technology, outsourcing services and other products that form the foundation for clients' middle- and back-offices," said John L. Klinck, Mellon vice chairman and IMS president. "As we continue to develop and deliver a broad range of outsourcing and technology solutions to investment managers and other financial institutions, we are actively looking to identify and accelerate key value propositions to our clients."

At the onset, the GPS business will include Eagle's existing professional services teams, Eagle ACCESS (Eagle's ASP service) and the professional service components within Mellon IMS. In the future, GPS will expand its capabilities beyond existing implementation-related services.

"I am excited to be given the opportunity to establish a professional services practice for Mellon's asset servicing businesses," said Palten, who will continue to report directly to Klinck. Palten helped found Eagle in 1989 and will continue to retain his Eagle responsibilities until a successor is named.

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