The Bank of New York has unveiled a unit that will focus on product innovation.

The company said it has created in mid-May what it is calling an "office of innovation." This office is initially to concentrate on expanding Bank of New York's securities servicing platform, particularly in hedge funds and derivatives.

In an interview, Kurt Woetzel, Bank of New York's chief information officer and head of the new group, said the unit is part of the $103 billion-asset company's bid to increase top-line revenues by reinventing products and services faster. Innovation is needed, he said, because the shelf life of financial services offerings has shrunk in recent years.

The group ties in with Bank of New York's May 10 streamlining of its global operations by creating centralized divisions for investor services and client management, Woetzel said.

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