Mellon Financial Corp. restructured its asset servicing business so all services provided are under one roof, according to James P. Palermo, vice chairman, who will oversee the entire Mellon Global Securities Services division. "The way we've been structured is that I had responsibilities for some capabilities and Jack Klinck had responsibilities for others," Mr. Palermo said in a telephone interview. "We want to bring those capabilities together." Under the restructuring, which is effective today, Mr. Klinck, also a vice chairman, will become COO of the division, a new position.
"This (restructuring) is more external and about our ability to build more and more capability in the most productive fashion for our clients," Mr. Palermo said. "This is not a cost-cutting exercise."
Mellon's asset servicing products include custody, foreign exchange services, securities lending, cash management, performance measurement and analytics and back office administration support.
