BNY MELLON ASSET SERVICING SETS UP GLOBAL OUTSOURCING GROUP UNDER EAGLE CEO LOU MAIURI

Posted December 15, 2009

NEW YORK & LONDON – BNY Mellon Asset Servicing has established a dedicated global outsourcing group that builds upon the company’s innovative technology and highly-focused project management expertise to service complex, multi-layered outsourcing arrangements.

Lou Maiuri, CEO and Chairman of Eagle Investment Systems, will take on the additional role of Global Head of Outsourcing, reporting to Jim Palermo and Tim Keaney, co-CEOs of BNY Mellon Asset Servicing.

The market turmoil over the past year has only accelerated the appetite for outsourcing, with ever more firms taking a hard look at their business models and choosing to focus on core competencies while outsourcing other functions. Moreover, institutions’ needs around outsourcing are becoming more sophisticated, with a shift from mere process replication to cost savings and efficiencies.

“Outsourcing solutions have long been an important part of BNY Mellon’s offering to investment managers and other financial institutions worldwide,” says says Jim Palermo, co-CEO of BNY Mellon Servicing. “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.”

A key element of BNY Mellon’s new proposition is 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 to offer enhanced efficiencies and cost savings to the client.

Maiuri will have direct responsibility for all aspects of the outsourcing business, including product design and architecture; client solutions and implementation; and product profitability.  He will work alongside BNY Mellon’s regional business, operations and technology groups to design and implement successful outsourcing solutions. In addition to his new role, Maiuri will remain Chairman of Eagle. John Lehner, currently Eagle’s President, will take over the role of Eagle CEO as of January 1, 2010.

BNY Mellon Asset Servicing currently has 54 outsourcing clients with $1.7 trillion in assets worldwide.