Welcome to our dedicated page for Bank New York Mellon news (Ticker: BK), a resource for investors and traders seeking the latest updates and insights on Bank New York Mellon 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.
Compañia de Minas Buenaventura S.A.A. (NYSE: BVN) announced a strike initiated by the local community surrounding its Uchucchacua mine on September 13, 2021, which has led to the suspension of mine operations due to blocked access. The community claims violations of agreements from 2012 and 2018, despite Buenaventura's assertion of compliance. The Company has proposed meetings for dialogue and expects potential negative impacts on Q3 results if unresolved. Ongoing maintenance activities continue, with plans to adjust operations as needed.
BNY Mellon Investment Management, with $2.3 trillion in assets, announced that Voya Financial will be the first recordkeeper to support its Custom Target Date Builder (CTDB) solution, enhancing access to customizable retirement portfolios for advisors. Launched in December 2020, CTDB allows advisors to offer custom retirement solutions across various plan sizes. Andy Provencher of BNY Mellon and Jeff Cimini of Voya emphasize the importance of this collaboration for improving retirement outcomes.
BNY Mellon has expanded its partnership with Optus Bank by providing a $3 million deposit to enhance investment in low and moderate income (LMI) and minority communities. This investment is part of the U.S. Treasury's Financial Agent Mentor-Protégé program, aimed at strengthening small and minority depository institutions. BNY Mellon previously committed $20 million to support educational and workforce development in underserved areas. This initiative reflects BNY Mellon's commitment to fostering economic opportunities and supporting underrepresented communities.
BNY Mellon, Citi, and Verizon have partnered to introduce Real-Time E-Bills and Payments, the first system of its kind for retail customers. This functionality allows Verizon customers with Citibank accounts to pay bills instantly, 24/7, enhancing financial control and helping to prevent overdraft fees. The collaboration connects BNY Mellon as the billing bank, Verizon as the biller, and Citi as the customer's bank, operating over The Clearing House's RTP network. This initiative marks a significant advance in bill payment technology and aims to transform how consumers manage their finances.
BNY Mellon has launched a new service allowing institutional investors to use Agency Mortgage-Backed Securities (AMBS) as collateral for cleared repo transactions via its Sponsored General Collateral (GC) Service. This initiative opens up an $11.4 trillion asset class, enhancing financing opportunities for buy-side investors. BNY Mellon maintains approximately 30% of the overall sponsored market share. The service will utilize BNY Mellon's triparty platform for operational efficiency in clearing repo transactions.
BNY Mellon Municipal Bond Infrastructure Fund announced a monthly distribution of
BNY Mellon Investment Management has realigned its investment firms to improve specialist capabilities. Effective September 1, 2021, Insight North America LLC replaces Mellon Investments Corporation as the sub-adviser for the BNY Mellon Municipal Bond Infrastructure Fund. This change does not affect the Fund's investment objectives, strategies, or fees. BNYM Investment Adviser continues to oversee the Fund, paying INA the same advisory fee as previously paid to Mellon. As of December 31, 2020, BNY Mellon managed $2.2 trillion in assets, with $47.8 billion under INA's management.
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