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
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.