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 announced the addition of cleared repo to its LiquidityDirect investment platform, enhancing services for institutional clients. This move follows the platform's growth, which has seen daily volumes in the sponsored cleared repo sector rise from $30 billion in 2017 to above $200 billion recently. The cleared repo option allows clients to invest without full clearing house membership, increasing accessibility. LiquidityDirect has supported nearly $9 trillion in transactions annually as of 2020, positioning it as a leader in short-end investments.
BNY Mellon announced its selection by Charles Schwab Investment Management to provide transfer agency services. This collaboration aims to enhance client service while reducing complexity and costs associated with asset management. BNY Mellon leverages its OMNI platform and industry expertise, delivering streamlined access to investment information. With $38.6 trillion in assets under custody and $2.0 trillion in assets under management, BNY Mellon continues to emphasize operational efficiency for clients. This partnership signifies a pivotal step in BNY Mellon's commitment to improving investor solutions.
BNY Mellon has introduced a solution allowing international investors to use Chinese fixed income assets as collateral on its triparty platform via Hong Kong's Bond Connect. This development addresses the previous lack of mechanisms to collateralize these assets, facilitating access to the $13.9 trillion China Interbank Bond Market. The first successful trade involved collateralizing Chinese government securities. BNY Mellon's move is expected to enhance the global collateral landscape, reflecting the growing importance of the Chinese market in the investment ecosystem.
BNY Mellon will announce its first quarter 2021 financial results on April 16, 2021, with materials available on its website starting at 6:30 a.m. ET. A conference call and audio webcast will follow at 8 a.m. ET, featuring forward-looking statements and material information. Replays will be accessible from 2 p.m. ET on the same day until May 16, 2021. BNY Mellon, a global investments company, manages $41.1 trillion in assets under custody and $2.2 trillion in assets under management.
BNY Mellon Wealth Management has appointed Carolina Montiel as Regional Director and Team Leader in Atlanta, GA. Montiel, who has nearly 30 years of investment experience, will oversee client services and the implementation of tailored wealth management solutions in the region. Carolina, previously a Managing Director at BNY Mellon, has extensive experience with EFG Capital and HSBC. BNY Mellon manages $286 billion in total client assets and is focused on enhancing its Active Wealth management approach to meet client needs.
BNY Mellon Wealth Management has appointed John Ippolito as the new Regional President for the Tri-State region, overseeing operations in New York, New Jersey, and Connecticut. With 26 years of experience at Northern Trust, including leading a team in New York, Ippolito is expected to bring valuable expertise to the leadership team.
CEO Catherine Keating expressed enthusiasm for Ippolito's leadership amid the firm's long-standing history in the region, which includes $286 billion in total client assets.
BNY Mellon announced the redemption of its 2.050% Senior Notes due May 3, 2021, totaling $1,250,000,000. The redemption date is set for April 3, 2021, with the redemption price equal to 100% of the principal plus accrued interest. Payments will be processed on April 5, 2021. Following the redemption, the notes will no longer be outstanding, and interest will cease to accrue. As of December 31, 2020, BNY Mellon managed $41.1 trillion in assets under custody and $2.2 trillion in assets under management.
BNY Mellon announced a partnership with the World Economic Forum aimed at enhancing the global financial system's resilience and inclusivity. This collaboration is crucial as industry leaders respond to complexities intensified by the COVID-19 pandemic. Akash Shah, BNY Mellon's Head of Strategy, emphasized the need for change to achieve a more equitable future. The initiative aligns with a growing trend towards stakeholder capitalism, which encourages public-private alliances to address pressing global financial issues. As of December 31, 2020, BNY Mellon managed $41.1 trillion in assets under custody.
The AFL-CIO has partnered with Wilmington Trust, BNY Mellon, and PGIM Fixed Income to introduce 12 target date collective investment trust (CIT) funds. This initiative aims to enhance retirement planning options for its 56 unions and 12.5 million members. The funds feature a low-cost structure with a flat fee of 12 basis points, ensuring accessibility and retirement security for workers. Wilmington Trust will act as trustee, while BNY Mellon will manage glidepath services, and PGIM Fixed Income will handle fixed income management.
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