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.
Grayscale Investments has selected BNY Mellon as the asset servicing provider for the Grayscale Bitcoin Trust (OTCQX: GBTC). The agreement, effective October 1, 2021, includes fund accounting, administration, and future ETF services. This partnership aims to enhance scalability and innovation, positioning Grayscale for a successful ETF conversion, aligning with its strategic product pipeline. Grayscale's assets under management exceed $30 billion, while BNY Mellon administers over $41.7 trillion in assets, solidifying their commitment to the growing digital asset market.
BNY Mellon announced a definitive agreement to acquire Milestone Group, a prominent provider of fund management technology. This acquisition follows a year of collaboration to enhance oversight and net asset value (NAV) services. Although financial terms were not disclosed, the transaction is expected to close in the second half of 2021, pending approvals. Milestone's pControl platform will integrate with BNY Mellon's offerings, enhancing digital capabilities and operational efficiency for clients. The acquisition aims to optimize services for asset managers and owners, leveraging both technology and expertise.
BNY Mellon will announce its second quarter 2021 financial results on July 15, 2021. Earnings materials will be available on BNY Mellon's website from 6:30 a.m. ET. A conference call and live audio webcast will follow at 8 a.m. ET, featuring forward-looking statements and other important information. Replays of the conference call will be accessible from 2 p.m. ET on July 15 through August 13, 2021. As of March 31, 2021, BNY Mellon managed $41.7 trillion in assets under custody and $2.2 trillion under management.
BNY Mellon Wealth Management announced the appointment of Patrice Wetzel as Senior Client Strategist based in Chicago. With over 30 years of financial experience, including leadership roles at Wells Fargo and Northern Trust, she will cater to ultra-high-net-worth clients. Wetzel's expertise in building client relationships aligns with BNY Mellon's wealth management strategies. The firm manages $292 billion in client assets and aims to enhance its service offerings through this strategic hire.
BNY Mellon Wealth Management has appointed Alicia Levine as the new Head of Equities, Capital Markets Advisory, and Vice Chair of the Investment Strategy Committee, succeeding Sinead Colton Grant. Alicia, who joined BNY Mellon in 2016, previously served as Chief Strategist and Managing Director. With over two decades of investment experience, she will oversee U.S. Equity and Capital Markets Advisory groups. BNY Mellon manages $292 billion in client assets as of March 31, 2021, and is a leading provider of wealth management services.
BNY Mellon Wealth Management has appointed Sinead Colton Grant as the Global Head of BNY Mellon Investor Solutions. She will oversee the firm's multi-asset solutions business, which manages over $29 billion in assets as of March 31, 2021. Sinead brings over 25 years of industry experience, including roles at BNY Mellon and BlackRock. She succeeds Jamie Lewin, who is returning to the United Kingdom. Sinead's leadership is expected to enhance client services in a rapidly growing market, leveraging BNY Mellon's 50 years of experience as an Outsourced Chief Investment Officer.
On June 24, 2021, the Federal Reserve confirmed BNY Mellon's resilience following the 2021 bank stress test, maintaining its Stress Capital Buffer requirement at 2.5%. The company plans to increase its quarterly cash dividend by 10%, from $0.31 to $0.34 per share, starting in Q3 2021, pending board approval. Additionally, BNY Mellon's board approved a stock repurchase up to $6.0 billion over six quarters. This flexibility is aimed at optimizing capital management while adhering to regulatory standards.
BNY Mellon Wealth Management appointed Crystal Thompkins as the new Head of Philanthropic Solutions. With over 20 years of experience, she will drive strategy for philanthropic services which include individual philanthropy and donor-advised funds. Reporting to Ben McGloin, Thompkins has been with BNY Mellon for over 15 years. She previously served as the National Director of Gift Planning Services. BNY Mellon Wealth Management manages $292 billion in client assets and has a long history of providing financial services worldwide.
BNY Mellon has launched cross-currency sweeps, enhancing cash management efficiency for clients. This automated tool allows firms to concentrate cash from multiple currencies into their base currency, reducing exposure to foreign exchange volatility. The sweeps automate time-consuming processes, minimizing internal cash management costs and risks, while providing same-day FX settlement. The initial offering includes USD, GBP, EUR, CAD, and CHF, with plans to expand to AUD and JPY. BNY Mellon aims to meet client demands for sophisticated liquidity solutions, backed by its strong credit rating.
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