BANKERS TRUST FORMS GLOBAL ASSETS ORGANIZATION
NEW UNIT WILL BUILD ON PROFITCO STRENGTHS
NEW YORK, June 25 /PRNewswire/ -- Bankers Trust Company (NYSE: BT) today announced that it has changed the name and organization of its highly successful PROFITCo business to reflect its mission of becoming the global leader in helping clients manage their assets more productively.
"The new name, Global Assets, describes the mission of the business and, seen with our other principal businesses -- Global Markets and Global Merchant Banking -- makes clear the bank's commitment to a global franchise," said Bankers Trust Chairman Charles S. Sanford, Jr.
PROFITCo, formed in 1984, has comprised the bank's businesses related to the worldwide movement of money, the worldwide flow of securities, institutional investment management and the requirements of high-net-worth individuals. It has built a leadership position in many parts of its businesses, and its structure has set a pattern followed by other financial institutions.
"This evolution in our business envisions both the structure and the culture that will best position Global Assets to build on PROFITCo's success and to take advantage of the opportunities for the accelerated growth that we see in the years ahead," said Edward A. Lesser, vice chairman, who has headed PROFITCo since its inception and is now head of Global Assets.
"The structure will balance our product strengths with a market sector delivery system, thereby enhancing our ability to provide integrated solutions for clients around their transaction processing, information services and asset management needs. As a result, we will be able to deliver products more broadly, deeply and efficiently to market sectors, thereby releasing the full profit potential within our franchise," Mr. Lesser added.
The Global Assets organization will be comprised of the following units:
Global Assets - Banks, Governments & Agencies, headed by B.J. Kingdon, managing director, will serve banks worldwide as well as foreign governments and their agencies.
Global Assets - Corporations & Financial Institutions, headed by Peter E. Lengyel, managing director, will serve broker-dealers, mutual funds and money managers, insurance companies, corporations, domestic governments and their agencies, and markets and clearing mechanisms. Global Assets - Retirement Services, headed by Richard A. Marin, managing director, will serve sponsors of employee benefit plans as well as endowments and foundations.
Global Assets - Private Banking, headed by Neal F. Finnegan, managing director, will continue to serve high-net-worth individuals.
Global Assets - Mutual Fund & Brokerage Services, headed by John L. Murphy, managing director, will provide asset management and brokerage services to individuals beyond those served by the Private Bank.
Global Assets - Investment Management, headed by H. Kent Atkins, managing director, provides institutional investment management services.
Global Assets - Information Services, headed by David K. Sias, managing director, sells software systems and database products to financial institutions and will further develop software, information and third-party processing services for various market sectors.
Supporting the Global Assets organization will be three additional functions -- Global Strategy, headed by David L. Hinds, managing director; Technology, headed by Carmine Vona, managing director and Staff, headed by Alan J. Zakon, managing director.
/CONTACT: Kenneth A. Brause, 212-454-1120 or, Thomas A. Parisi 212-454-1686 both of Bankers Trust Company/ CO: Bankers Trust Company ST: New York IN: FIN SU: LD -- NY005 -- 3666 06/25/92 10:01 EDT