GLOBAL - The Bank of New York’s Europe head Tim Keaney is to head the bank’s new Global Investor Services division as the group forms into two divisions.

The new unit will combine all the bank’s custody, fund services, risk services, accounting, and outsourcing business units and unify related product development and operational support teams, the bank said.

“The organization, with more than $11trn in assets under custody, will be headed by Timothy Keaney, who has been promoted to senior executive vice president.”

London-based Keaney will continue in his Europe role and still report to company president Gerald Hassell.

The other new division - Global Client Management - will be headed by Torry Berntsen, who has been promoted to senior executive vice president. Sales chief Kenneth Lopian becomes deputy head of the arm.

“By aligning our global organizations under these talented leaders, we will significantly enhance our ability to offer globally integrated product, sales and service offerings,” said Hassell.

“As our clients continue to expand their operations across geographies, we are well-positioned to meet their evolving requirements and help them with innovative solutions across the global markets.”

Elsewhere, Mellon Financial Corp. said it has agreed to buy Edinburgh-based equity management firm Walter Scott & Partners, which has £14.3bn under management.