BNY Mellon Asset Servicing has formed 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.

BNY Mellon has appointed new management for the GFI. Nadine Chakar, formerly head of Europe, Middle East and Africa (EMEA) Asset Servicing, will lead the new group and 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 US Funds Services. Nancy Wolcott, formerly president of PNC Global Investment Servicing, has been appointed as head of US 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 US Financial Institutions within the new GFI group.

BNY Mellon has added that Frank Froud, formerly head of client management for the US at BNY Mellon, will return to London as the new head of EMEA Asset Servicing.

Mr Palermo said: “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.”