BNY Mellon Asset Servicing has announced it is to expand with the establishment of a global outsourcing group to cut costs for clients.

The group will aim to build on the company’s project management and technology expertise in a bid to better service its current outsourcing arrangements.

The new outsourcing set will be able to combine admin and bookkeeping, as well as other back office taste, with middle office servicing capabilities, to cut down on costs for clients.

BNY Mellon Asset Servicing chief executive Jim Palermo said: "Outsourcing solutions have long been an important part of BNY Mellon's offering to investment managers and other financial institutions worldwide.

“As an industry leader in technology and client service, BNY Mellon has further focused and strengthened our capabilities and today is uniquely positioned to meet firms' needs in this space."