BNY Mellon Asset Servicing Creates Global Financial Institutions Group

Nadine Chakar named as Head of new GFI business

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Jul 06, 2010, 05:31 ET

NEW YORK, July 6 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the global leader in securities servicing, has established a new Global Financial Institutions (GFI) group focused on supporting the future needs and growth plans of clients and prospects in the banking, mutual fund and insurance sectors.

The new GFI group will be led by Nadine Chakar, formerly Head of Europe, Middle East and Africa (EMEA) Asset Servicing. She will continue to report to Jim Palermo and Tim Keaney, co-CEO's of BNY Mellon Asset Servicing.

Within the new GFI group, Steve Wynne, formerly CEO of PNC Global Investment Servicing, will become CEO of U.S. Funds Services.

Nancy Wolcott, formerly President of PNC Global Investment Servicing, takes on the role of Head of U.S. Funds Services.

Lou Maiuri, currently Global Head of Outsourcing at BNY Mellon Asset Servicing and Chairman of Eagle Investment Solutions, takes on an expanded role as Head of U.S. Financial Institutions (which encompasses investment managers, insurance companies and banks) within the new GFI group.

Frank Froud, formerly Head of Client Management for the United States at BNY Mellon, returns to London as the new Head of EMEA Asset Servicing.

Jim Palermo said: "Post-crisis, financial institutions around the world are facing unprecedented change. They are accordingly re-evaluating their business models to ensure they are aligned with the opportunities and priorities now presenting themselves. The creation of our GFI group in conjunction with our acquisition of the PNC Global Investment Servicing business, as well as our anticipated acquisition of BHF Asset Servicing in Germany, enhances our position as a premier partner to our financial institutions clients as they seek to take full advantage of the burgeoning global recovery.

"Over the past 20 years Nadine has proved herself a highly successful leader within our company, with a deep understanding of our clients' evolving needs, and her new role will allow her to focus on harnessing and delivering the full power and potential of our company to this key client constituency."

Nadine Chakar added: "BNY Mellon is today the clear leader in providing securities servicing to financial institutions worldwide. I am delighted to have this opportunity to lead our new GFI group, which will lead the way in delivering innovative and tailored solutions and high quality service to our clients as they look to regroup and grow their businesses in the wake of the global financial markets crisis."

Notes to editors

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.

SOURCE BNY Mellon