Magazine article American Banker

Global Umbrellas for 2 Businesses at Bank of N.Y

Magazine article American Banker

Global Umbrellas for 2 Businesses at Bank of N.Y

Article excerpt

Bank of New York Co. Inc. has streamlined its global operations by creating centralized divisions for investor services and client management.

The global investor services division will handle the more than $11 trillion of assets the company has under custody. It combines several securities servicing operations, including the global custody, fund services, risk management services, fund accounting, and outsourcing units. It also unifies the related product development and operational support teams, Bank of New York said Wednesday.

Timothy F. Keaney, a senior vice president in London, has been named Bank of New York's head of global investor services. He will also remain the head of European investor services.

The global client management division puts together the sales and account management employees that service more than 100 markets worldwide, Bank of New York said.

Torry Berntsen, who is based in New York, has been promoted to senior executive vice president and will head the global client management division.

Both Mr. Keaney and Mr. Berntsen will continue to report to Gerald Hassell, Bank of New York's president.

Before the changes, which took effect May 10, the operations were broken into three geographic units -- North America, Asia, and Europe-Middle East-Africa, Mr. Keaney said in an interview Wednesday.

"What had become increasingly clear to us is the constituencies that we're serving ... are becoming global," by having operations in multiple countries and buying multiple products from the company, he said. …

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