BNY Mellon Asset Servicing has announced the formation of a new entity that will support client needs in the banking, mutual fund and insurance sectors.

Global Financial Institutions, the new arm, will be led by Nadine Chakar, formerly the head of Europe, Middle East and Africa Asset Servicing. Steve Wynne, the former chief executive of PNC Global Investment Servicing, will assume the role of CEO of US Funds Services, while Nancy Wolcott, previously the president of PNC, will be head of US Funds Services.

The other executive positions will be assumed by Lou Maiuri as head of US Financial Institutions and Frank Froud as head of EMEA Asset Servicing. Maiuri is currently the global head of outsourcing at BNY Mellon Asset Servicing, while Froud used to be the head of client management for the US at BNY Mellon.

"Post-crisis, financial institutions around the world are facing unprecedented change. 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," Jim Palermo, the co-CEO of BNY Mellon Asset Servicing, said in a statement.

BNY Mellon operates in 34 countries and serves over 100 markets. It has $22.4 trillion in assets under custody and administration and $1.1 trillion in asssets under management.