Bank of New York said Thursday that it has combined its asset management services into one unit.

The new unit includes institutional client sales, investment research, and administration of the bank's proprietary funds, a spokesman said. The $64 billion-asset bank's trust and brokerage operations will remain separate.

"It's certainly more efficient from the point of view of the bank," said David Ross Palmer, managing director and principal of East Falmouth, Mass.- based David Ross Palmer Consultants International. But, he said, it "falls short of delivering an integrated, comprehensive customer-oriented wealth management service, which would include trust and customized private lending."

BNY Asset Management Sector will be co-managed by Kevin J. Bannon, executive vice president and chief investment officer, and Mark A. Hemenetz, executive vice president.

Bank of New York manages about $50 billion of assets.

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