Profile: Bank of New York Mellon Corp (BK.N)
10 Mar 2014
The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. The Company divides its businesses into two principal segments: Investment Management and Investment Services. It has an Other segment, which includes credit-related activities, the lease financing portfolio, corporate treasury activities (including its investment securities portfolio), its equity investments in Wing Hang Bank Limited and ConvergEx Group, business exits and corporate overhead. Its two banks are The Bank of New York Mellon, which houses its institutional businesses, including asset servicing, issuer services, treasury services, broker-dealer and advisor services and the bank-advised business of asset management, and BNY Mellon, National Association (BNY Mellon, N.A.), which houses its wealth management business. On July 1, 2011, BNY Mellon acquired the wealth management operations of Chicago-based Talon Asset Management (Talon). On November 30, 2011, it acquired Penson Financial Services Australia Pty Ltd (Penson). On December 31, 2011, BNY Mellon sold its Shareowner Services business. In October 2012, it purchased the remaining 50% of WestLB Mellon Asset Management joint venture from Portigon. In June 2013, the Company ceases to be Shareholder Of Cochlear Ltd.
The Company’s the United States bank subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities. It has four the United States trust companies. The Bank of New York Mellon Trust Company, National Association and BNY Mellon Trust Company of Illinois house trust products and services across the United States. Its primary international activities consist of securities services and global payment services in its investment services business, and asset management in its investment management business. Its clients include asset managers, insurance companies, corporations, financial intermediaries, local authorities and pension funds. As of December 31, 2011, it conducted business through subsidiaries, branches, and representative offices in 36 countries.
As of December 31, 2011, the Company had operational centers based in Brussels, Cork, Dublin, Navan, Wexford, Luxembourg, Singapore, Wroclaw, throughout the United Kingdom including London, Manchester, Brentwood, Edinburgh and Poole, and Chennai and Pune in India. In Europe, it is engaged in the Undertakings for Collective Investment in Transferable Securities Directives (UCITS) servicing field. In Ireland, BNY Mellon is the administrator of third-party assets and provider of trustee services. As of December 31, 2011, it served as the depositary for 1,389 sponsored American and global depositary receipt programs, acting in partnership with companies from 65 countries.
Investment Management business
The Company’s Investment Management business is consisted of its affiliated investment management boutiques and wealth management business. Its Investment Management business is responsible, through various subsidiaries, for the United States and non-the United States retail, intermediary and institutional investment management, distribution and related services. The investment management boutiques offer a range of equity, fixed income, cash and alternative/overlay products. In addition to the investment subsidiaries, this business includes BNY Mellon Asset Management International, which is responsible for the investment management and distribution of non-the United States products, and the Dreyfus Corporation and its affiliates, which are responsible for the United States investment management and distribution of retail mutual funds, separate accounts and annuities.
Through BNY Mellon Wealth Management, the Company offers a range of investment management, wealth and estate planning and private banking solutions to help clients protect and transfer their wealth through a network of offices in the United States, Canada, the United Kingdom and Asia. Clients include high-net-worth individuals and families, charitable gift programs, endowments and foundations and related entities.
Investment Services business
The Company’s Investment Services business provides global custody and related services, broker-dealer services, alternative investment services, corporate trust and depositary receipt, as well as clearing services and global payment/working capital solutions to institutional clients. Its financial solutions includes global custody, global fund services, securities lending, investment manager outsourcing, performance and risk analytics, alternative investment services, securities clearance, collateral management, corporate trust, American and global depositary receipt programs, cash management solutions, payment services, liquidity services and other revenues, including foreign exchange, global clearing and execution, managed account services and global prime brokerage solutions. Its clients include corporations, public funds and government agencies, foundations and endowments; global financial institutions, including banks, broker-dealers, asset managers, insurance companies and central banks; financial intermediaries and independent registered investment advisors, and hedge fund managers. BNY Mellon is engaged in both global securities and the United States Government securities clearance. It clears and settles equity and fixed income transactions and handles transactions cleared through the Federal Reserve Bank of New York for 17 of the 21 primary dealers. In connection with its role as a clearing and custody bank for the tri-party repurchase (repo) transaction market, it works with dealers who use repos to finance their securities by selling them to counterparties, agreeing to buy them back at a later date.
In tri-party repos, a clearing and custody bank, such as The Bank of New York Mellon acts as the intermediary between a dealer and its counterparty in settling the transaction and providing mark-to-market and other services. In securities lending, it is lender of the United States Treasury securities and depositary receipts and service a pool of more than 31 markets. BNY Mellon is a provider of corporate trust services for conventional and structured finance debt categories, and a provider of specialty services. As of December 31, 2011, it served as depositary for 1,389 sponsored American and global depositary receipt programs, acting in partnership with companies from 65 countries. The Company is a processor of Fedwire and CHIPS payment. As of December 31, 2011, it was processing about 170,000 global payments daily.
Bank of New York Mellon Corp
One Wall Street
NEW YORK NY 10286