In a bid to assume a leading role in the servicing of non-retail asset-backed securities, the Bank of New York has formed a new subsidiary, BNY Asset Solutions LLC. to forge a servicing and trust business specializing in esoteric assets.

Mark Ferraris, senior VP and division head of corporate trust services at Bank of New York, said the bank is not interested in vying for business in the established retail type of securitizations that are usually served by such major banking organizations like Citibank. Instead, the goal of the new operation is "to be a facilitator not a competitor."

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.