Welcome to our dedicated page for Bank of New York Mellon Corporation news (Ticker: BK), a resource for investors and traders seeking the latest updates and insights on Bank of New York Mellon Corporation stock.
BNY, officially known as The Bank of New York Corporation (NYSE: BK), stands as a global leader in the financial services sector. With a rich heritage dating back over 240 years, BNY offers a comprehensive suite of services aimed at managing and servicing financial assets for institutions, corporations, and individual investors.
Operating in 35 countries and more than 100 markets, the company provides investment management and investment services with unparalleled expertise. As of March 31, 2024, BNY oversees an impressive $48.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management. This makes BNY the world's largest global custody bank, serving as a vital partner to its clients by facilitating the creation, trading, holding, managing, servicing, distributing, or restructuring of investments.
BNY's client base includes over 90% of Fortune 100 companies, nearly all the top 100 banks globally, and an extensive roster of governments, pension plans, and more. The company's vast influence and industry leadership are further cemented by its recent collaborations and initiatives aimed at democratizing financial services. These include strategic partnerships with minority depository institutions (MDIs) such as Ponce Bank, along with other mission-driven financial firms like Optus Bank, MoCaFi, and IntraFi.
One of the latest milestones for BNY is the enhancement of Pershing X's Wove platform, which aims to revolutionize wealth management by providing interconnected advisory tools for registered investment advisors, broker-dealers, and wealth management firms. This innovation aligns with BNY's ongoing commitment to leverage cutting-edge technology for the benefit of its clients and the broader financial ecosystem.
With a workforce of over 50,000 employees worldwide and recognition from prestigious entities like Fortune and Fast Company for its workplace innovation, BNY continues to set industry standards. The firm remains dedicated to helping its clients achieve their financial ambitions by putting its extensive expertise and platforms to work, ensuring that money moves efficiently and securely across the globe.
BNY Mellon High Yield Strategies Fund (NYSE: DHF) has announced a significant change in its investment strategy. Effective August 15, 2024, the Fund will be permitted to invest up to 20% of its total assets in floating rate loans. This decision, approved by the Board of Trustees on August 8, 2024, expands the Fund's investment options.
The Fund will primarily focus on senior secured loans but may also include other types of loans and floating rate securities. While mainly targeting U.S. issuers, the Fund may invest in foreign issuers from OECD countries. This new strategy introduces potential benefits and risks, including exposure to less liquid over-the-counter markets, longer settlement times, and the inherent speculative nature of below investment grade securities.
BNY Mellon (NYSE: BK) has announced it will release its third quarter 2024 financial results on Friday, October 11, 2024. The global financial services company will post materials on its website at approximately 6:30 a.m. ET. Following the release, BNY Mellon's management team will host a conference call and live audio webcast at 11:00 a.m. ET on the same day to discuss the results and answer questions from analysts and investors. This announcement provides a clear timeline for stakeholders to prepare for the upcoming earnings report and subsequent discussion of the company's financial performance.
BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. has announced the final results of its oversubscribed quarterly tender offer. The Fund will purchase 45,368 shares at a price of $92.50 per share, which is 100% of the Fund's net asset value as of June 30, 2024. Due to oversubscription, shares will be purchased on a pro rata basis with a Pro-Ration Factor of 0.0995030.
The Fund is part of BNY Investments, which manages $2.0 trillion in assets. BNY, the parent company, has $49.5 trillion in assets under custody and/or administration as of June 30, 2024. Shareholders can obtain more information about the tender offer from Georgeson or through the SEC's website.
Buenaventura (NYSE: BVN) has closed a transaction to sell its Chaupiloma subsidiary, which owns a 1.8% net smelter return royalty on Newmont's Yanacocha mine, to Franco-Nevada for $210 million in cash. The deal includes a contingent payment of $15 million in Franco-Nevada shares upon certain conditions. This move aligns with Buenaventura's strategy to strengthen its financial position and reduce leverage.
The proceeds will be used to drive growth, particularly for the San Gabriel project, which is 57% complete and on track to produce its first gold bar by the second half of 2025. Buenaventura, Peru's largest publicly-traded precious metals mining company, operates several mines in Peru and holds a 19.58% stake in Sociedad Minera Cerro Verde, a significant copper producer.
Crux Wealth Advisors (Crux) has officially launched as a hybrid Registered Investment Adviser and full-service wealth management firm, transitioning from Raymond James Financial Services. The firm launched with its first tranche of $1 billion in client assets under management (AUM), with plans for further growth in 2024. Founded by Travis Alexander in 2016, Crux grew from ~$70 million AUM in its first year to over $3 billion while on the RJFS platform.
Key collaborators in this transition include Decerno Advisors as a strategic advisor, Arete Wealth as the accommodating broker/dealer and insurance agency for hybrid advisors, and BNY Pershing providing clearing and custody services. Crux is actively seeking right-fit advisors for expansion and aims to focus on improving client experience and success rather than growth for growth's sake.
Snorkel AI has announced a strategic agreement with BNY Mellon (NYSE: BK) to provide software, expertise, and insights for transforming unstructured data into actionable solutions. This collaboration aims to accelerate BNY Mellon's AI initiatives, focusing on efficiency, productivity, and client insights. Snorkel AI's approach moves away from manual data curation to a more programmatic method, making AI model creation more affordable, scalable, and secure.
Sarthak Pattanaik, Head of AI Hub at BNY Mellon, emphasized the importance of tech innovation in their strategic focus. The partnership with Snorkel AI is expected to leverage unstructured data expertise to deliver innovative, safe, and resilient solutions for clients and the market. Snorkel AI's CEO, Alex Ratner, highlighted that their technology has been adopted by the majority of the largest US banks, simplifying tasks like data curation, tagging, and labeling.
Snorkel AI has announced a strategic agreement with BNY Mellon (NYSE: BK) to provide software, expertise, and insights for transforming unstructured data into actionable solutions for clients. This collaboration aims to accelerate BNY's AI initiatives, focusing on enhancing efficiency, productivity, and insights. Snorkel AI's approach moves away from manual data curation to a more programmatic method, making AI model creation more affordable, scalable, and secure.
Sarthak Pattanaik, Head of AI Hub at BNY, emphasized the importance of tech innovation in serving clients better and improving company operations. Alex Ratner, CEO of Snorkel AI, highlighted that their platform has been adopted by most major US banks due to its ability to simplify data preparation tasks for AI-ready data.
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB) has announced a distribution of $0.0300 per share of common stock, payable on September 3, 2024 to shareholders of record as of August 19, 2024. The ex-dividend date is also August 19, 2024. This distribution matches the previous one announced in July.
The Fund aims to make regular monthly distributions at a stable rate based on projected performance. BNY Mellon Investment Adviser, Inc., part of BNY Investments, manages the Fund. BNY Investments is a major asset manager with $2.0 trillion in assets under management as of June 30, 2024. BNY, the parent company, has $49.5 trillion in assets under custody and/or administration as of the same date.
Buenaventura (NYSE: BVN) reported strong financial results for Q2 2024 and H1 2024. Key highlights include:
- Q2 2024 EBITDA from direct operations: $106.9 million (vs $22.1 million in Q2 2023)
- H1 2024 EBITDA from direct operations: $201.3 million (vs $68.7 million in H1 2023)
- Q2 2024 net income: $74.4 million (vs $5.4 million loss in Q2 2023)
- H1 2024 net income: $141.4 million (vs $67.5 million in H1 2023)
- Cash position: $171.5 million as of June 30, 2024
- Net debt: $520.5 million with a leverage ratio of 1.40x
Production increases were seen in silver, zinc, and lead, while copper and gold decreased. El Brocal's processing plant resumed operations after a 16-day suspension.
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE: DCF) has declared a monthly distribution of $0.035 per share of common stock, payable on September 3, 2024. The ex-dividend date is August 8, 2024. This matches the previous distribution declared in June.
The Fund aims to pay most of its net income to shareholders through monthly dividends, though this policy may change. BNY Mellon Investment Adviser, Inc., part of BNY Investments, manages the Fund. BNY Investments is a major asset manager with $2.0 trillion in assets under management as of June 30, 2024. BNY, the parent company, has $49.5 trillion in assets under custody and/or administration.
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