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.
BNY Mellon's Pershing launched its next generation integration portal, NetXServices, on June 9, 2021. This portal enhances accessibility for clients, allowing them to utilize the extensive technology capabilities of the Pershing platform. It supports over 200 third-party provider integrations and offers features like rapid account opening and real-time trading. The company emphasized that demand for integrations has surged three-fold in the past year. With $2 trillion in assets and millions of investor accounts, Pershing aims to provide unparalleled digital solutions for financial firms.
BNY Mellon's Pershing announced its innovative Managed Accounts Central, a multi-custodial managed accounts solution, set to launch in Q4 2021. This platform will enable wealth managers to efficiently oversee advisory businesses across custodians from a single interface. With the managed accounts market projected to reach $11.6 trillion in 2023, this solution aims to streamline operations and enhance advisory services. Over 11,000 advisors currently utilize Pershing's technology, managing $730 billion in assets. The initiative reflects growing demand for fiduciary advice and improved regulatory compliance.
BNY Mellon and Saphyre have partnered to enhance client onboarding through AI technology, aligning with BNY Mellon's OMNISM strategy. This collaboration allows for improved communication and reduced fund launch times, enabling near real-time onboarding and facilitating efficient cross-border trading. BNY Mellon aims to save time for custody clients, significantly speeding up processes that previously took days. As of March 31, 2021, BNY Mellon managed $41.7 trillion in assets under custody and $2.2 trillion in assets under management.
BNY Mellon has announced it will report its financial results for the third quarter of 2021 on October 19, 2021. The results will be posted on their website at approximately 6:30 a.m. ET, followed by a conference call and live audio webcast at 8 a.m. ET. This event may include forward-looking statements and other material information. As of March 31, 2021, BNY Mellon managed $41.7 trillion in assets under custody and $2.2 trillion in assets under management, serving clients across 35 countries.
BNY Mellon has been selected by Invesco Fund Management Limited and Invesco Management S.A. to provide transfer agency services for US$100bn of their ICVC and SICAV fund ranges. This appointment enhances BNY Mellon’s existing custody and fund administration roles for Invesco’s funds domiciled in the UK and Luxembourg. Alan Flanagan, Global Head of Fund Services at BNY Mellon, emphasized the commitment to service excellence and improved investor experience. As of March 31, 2021, BNY Mellon managed $41.7 trillion in assets.
BNY Mellon Wealth Management has appointed Barry Halpin as the new Regional Director in London, effective June 1, 2021. Halpin, who brings over 30 years of experience, will oversee product delivery and regional strategy execution, managing a team of specialists. This appointment comes as BNY Mellon aims to strengthen its presence in Europe, enhancing client service for its growing family office clientele. Halpin's experience includes previous leadership roles within BNY Mellon, emphasizing continuity in leadership.
AM Best has affirmed the Financial Strength Ratings of A (Excellent) and Long-Term Issuer Credit Ratings of 'a+' (Excellent) for BNY Trade Insurance, Ltd. and The Hamilton Insurance Corp., with a stable outlook. These ratings reflect BNY Trade's strong balance sheet and operating performance, alongside Hamilton's strong liquidity and adequate operating performance. Both companies, as single-parent captives of The Bank of New York Mellon Corporation (BK), provide reinsurance coverage to their parent. AM Best assesses BNY Trade’s surplus growth and Hamilton’s investment income positively.
BNY Mellon Wealth Management has appointed Camille Alexander as the new Head of Sales – Investor Solutions, a role aimed at boosting business growth within the company. Reporting to senior executives, she will collaborate with various teams to identify new opportunities. Camille brings nearly 30 years of institutional experience, having previously led the DC area as Regional President. Under her leadership, BNY Mellon Wealth Management manages $292 billion in client assets and $29 billion in AUM/AUA as of March 31, 2021.
BNY Mellon Wealth Management has appointed Karen Wawrzaszek as the new Regional President for the DC area, succeeding Camille Alexander.
Wawrzaszek brings over 20 years of experience in wealth management, with expertise in impact investing and ESG strategies. She previously held positions at SBSB Financial Advisors, U.S. Trust, and others. Her leadership aims to enhance client relationships and expand the DC office's growth.
As of March 31, 2021, BNY Mellon Wealth Management manages $292 billion in client assets.
BNY Mellon will participate in the Morgan Stanley US Financials Conference on June 14, 2021, at 12:30 p.m. ET, where CFO Emily Portney and CEO Paul Camp will present. The conference may include forward-looking statements and other significant information.
A live audio webcast will be available on the BNY Mellon website, with an archived version accessible approximately 24 hours later until July 14, 2021.
As of March 31, 2021, BNY Mellon manages $2.2 trillion in assets and has $41.7 trillion in assets under custody.
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