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User:Heatherer/Bank of New York Mellon Operations

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Operations

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BNY Mellon operates in 35 countries in the Americas, Europe, the Middle East and Africa (EMEA), and Asia-Pacific.[1][2][3] The company employs 50,300 people as of December 2014.[4] As of March 2015, the group's American and global headquarters are located at 1 Wall Street, but the building was sold in 2014 and the company plans to move to Brookfield Place in 2015.[5] The group's EMEA headquarters are located in London and its Asia-Pacific headquarters are located in Hong Kong.[6][7] The company's 2014 revenue equaled $14.77 billion and it held $385.2 billion in total assets as of December 31, 2014.[4]

Business

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The Bank's primary functions are managing and servicing the investments of institutions and high-net-worth individuals.[8] BNY Mellon's two primary businesses are Investment Services and Investment Management,[9] which offer services for each stage of investment, from creation through to trading, holding, management, distribution and restructuring.[1][10] BNY Mellon's clients include 80 percent of Fortune 500 companies.[11] The company also serves 75 percent of the top 100 endowments, 66 percent of the top 1,000 pension funds, 50 percent of the top 200 life and health insurance companies, and 50 percent of the top 50 universities.[11][10]

Investment Services

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BNY Mellon's Investment Services business represents approximately 72 percent of the company's revenue and it has $28.5 trillion under its custody or administration as of 2014.[4] The financial services offered by the business include asset servicing, alternative investment services, broker-dealer services, corporate trust services and treasury services.[3][9] Other offerings include global collateral services, foreign exchange, securities lending, middle and back office outsourcing, and depository receipts.[3][9]

BNY Mellon's subsidiary Pershing LLC handles securities services, including execution, settlement, and clearing. It also provides back office support to financial advisors.[12][13]

In 2014, the company formed a new Markets Group, which offers collateral management, securities finance, foreign exchange and capital markets.[14]

Investment Management

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BNY Mellon's Investment Management business generates 28 percent of the company's revenue and had $1.7 billion in assets under management at the end of 2014.[4]

The Investment Management business operates 14 asset management boutiques and is the largest multi-boutique investment manager in the world.[15][10] These asset management companies include Alcentra,[16] BNY Mellon ARX, BNY Mellon Cash Investment Strategies, The Boston Company Asset Management, EACM Advisors,[17] Insight Investment, Mellon Capital, Meriten,[18] Newton Investment Management, Siguler Guff, Standish, Center Square, the Dreyfus Corporation, and Walter Scott.[7][10] Investment strategies offered by the boutique firms include equity, fixed income, cash, and alternative investments.[3]

BNY Mellon's Wealth Management unit handles the private banking, estate planning, family office services, and investment servicing and management of high-net-worth individuals and families.[19][3] As of 2014, it ranks 7th among wealth management businesses in the United States. Starting in 2013, the unit began expansion efforts, including opening eight new banking offices, increasing salespeople, bankers, and portfolio managers on staff, and launching an awareness campaign for wealth management services through television ads.[19]

Leadership

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BNY Mellon is led by Gerald Hassell who has been Chairman and CEO since 2011, after serving as BNY Mellon's president from 2007 to 2012[20] and the president of the Bank of New York Mellon from 1998 until its merger.[21] Karen Peetz is president and has served in the position since 2013.[22] Thomas Gibbons has been CFO since 2008 and also serves as vice chairman.[23] BNY Mellon's Investment Management business is run by CEO Curtis Arledge, and the company's Investment Services business is led by CEO Brian Shea.[24]

BNY Mellon is governed by a board of directors with 15 members. As of February 2015, its board members are Nick Donofrio, Joseph Echevarria,[25] Edward P. Garden,[26] Jeffrey A. Goldstein, Gerald L. Hassell, John M. Hinshaw, Edmund F. "Ted" Kelly, Richard J. Kogan, Michael J. Kowalski, John A. Luke, Jr., Mark Nordenberg, Catherine A. Rein, William C. Richardson, Samuel C. Scott III, and Wesley W. von Schack.[27]

Company culture

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In 2008, BNY Mellon formed a Board of Directors corporate social responsibility committee to set sustainability goals for the company.[25][28] The company's corporate social responsibility activities include philanthropy, social finance in the communities the bank is located in, and protecting financial markets globally.[29]

BNY Mellon's philanthropic activities include financial donations and volunteerism.[30] The company matches employee volunteer hours and donations with financial contributions through its Community Partnership program.[31] Between 2010 and 2012, the company and its employees donated approximately $100 million dollars to charity.[30] In 2014, the company worked with the Forbes Fund to create a platform that connects nonprofit organizations with private businesses to solve social challenges.[32]

In 2014, the company received an A rating by the CDP which measures corporate greenhouse gas emissions and disclosures.[28][33] BNY Mellon was named on the Dow Jones Sustainability North America Index in 2013[34] and 2014, and the World Index in 2014.[35] Another one of the company's focuses has been building efficiency. As of 2014, the company has saved $48 million due to building efficiency. Five of its buildings have achieved Leadership in Energy and Environmental Design (LEED-EB) certification and 23 have interiors that are LEED certified.[28]

BNY Mellon also has business resource groups for employees that are focused on diversity and inclusion.[36][29] In 2009, current president Karen Peetz co-founded the BNY Mellon Women’s Initiative Network (WIN), a resource group for female employees' professional development. As of 2013, WIN has 50 chapters.[37] Other groups include PRISM for LGBT employees, IMPACT, which serves multicultural employees and HEART for employees with disabilities.[36] BNY Mellon also has services for returning military, including a tool to help veterans align military skills and training with jobs at the company.[38] In 2014, BNY Mellon was recognized for its diversity practices by the National Business Inclusion Consortium, which named it Financial Services Diversity Corporation of the Year.[39]

In 2009, the company began an innovation program for employees to suggest ideas for large-scale projects and company improvement. Ideas from the initial pilot program generated approximately $165 million in pretax profit. The program results in an annual contest called "ACE" in which teams pitch their ideas.[40]

The company operates innovation centers in Palo Alto, California; Jersey City, New Jersey; and Pune and Chennai in India. The centers focus on developing new technologies and practices for the company.[41]

Recognition and rankings

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BNY Mellon is the world's largest custody bank.[42][4] It is the sixth largest investment management firm in the world[43] and the seventh largest wealth management firm in the United States.[44] In 2014, BNY Mellon ranked 181 on the Fortune 500[45] and 250 on the Financial Times Global 500.[46] It was named one of world's 50 Safest Banks by Global Finance in 2013 and 2014,[47][48] and one of the 20 Most Valuable Banking Brands in 2014 by The Banker.[49]

Sponsorships

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Since 2012, BNY Mellon has expanded its number of sponsorships.[50] It is the title sponsor of the Oxford and Cambridge Boat Race in London, which has been called the BNY Mellon Boat Race since 2012.[51][50] The company also sponsors the Head of the Charles Regatta in Boston.[50] In 2013, the company became a 10-year sponsor of the San Francisco 49ers and a founding partner of Levi's Stadium.[52] The company is a regular sponsor of the Royal Academy of Arts in London.[53]

References

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  1. ^ a b "BNY Mellon Company Details". crunchbase.com. TechCrunch. November 17, 2014. Retrieved 15 January 2015.
  2. ^ Christopher Fleisher (December 2, 2014). "Avoiding possible proxy fight, BNY Mellon gives board seat to activist investor Trian". Pittsburgh Tribune-Review. Retrieved 15 January 2015.
  3. ^ a b c d e "Bank Of New York Mellon Corp". bloomberg.com. Bloomberg L.P. Retrieved 15 January 2015.
  4. ^ a b c d e "Fourth Quarter 2014 Financial Highlights" (PDF). bnymellon.com. The Bank of New York Mellon. January 23, 2015. pp. 19, 27. Retrieved 15 January 2015.
  5. ^ Saabira Chaudhuri and Keiko Morris (June 26, 2014). "BNY Mellon to Keep Headquarters in New York City". The Wall Street Journal. Retrieved 15 January 2015.
  6. ^ Anette Jönsson (September 2, 2009). "BNY Mellon to expand HK presence with 50 new hires". FinanceAsia. Retrieved 15 January 2015.
  7. ^ a b "BNY Mellon". fundweb.co.uk. Fundweb. Retrieved 15 January 2015.
  8. ^ "Bank of New York Profile". The New York Job Source. Retrieved 2007-08-08.
  9. ^ a b c "Bank of New York Mellon Profile". Yahoo! Finance. Retrieved 22 January 2014.
  10. ^ a b c d "The Bank of New York Mellon Corporation" (PDF). boyarresearch.com. Boyar's Intrinsic Value Research. October 31, 2014. Retrieved 15 January 2015. {{cite web}}: line feed character in |publisher= at position 8 (help)
  11. ^ a b Kingkarn Amjaroen (June 30, 2014). "3 Definitive Reasons Why The Bank of New York Mellon Corporation Has Much More Potential to Rise". The Motley Fool. Retrieved 15 January 2015.
  12. ^ "Pershing LLC Company Profile". biz.yahoo.com. Yahoo. Retrieved 6 February 2015.
  13. ^ "Bank of New York's Pershing reorganizes top management". Reuters. March 6, 2013. Retrieved 6 February 2015.
  14. ^ Cite error: The named reference Baert14 was invoked but never defined (see the help page).
  15. ^ Mark Battersby (December 31, 2014). "Big boutique mystique - Fund distributor with BNY Mellon". International Advisor. Retrieved 15 January 2015.
  16. ^ James Comtois (January 28, 2015). "Alcentra hires head of Americas". Pensions & Investments. Retrieved 5 February 2015.
  17. ^ Michael Antrobus (December 11, 2006). "Pruning hedges". Atlanta Business Chronicle. Retrieved 5 February 2015.
  18. ^ Matthew Jeynes (August 4, 2014). "BNY to launch new Meriten European equity fund". Financial Times. Retrieved 5 February 2015.
  19. ^ a b Robert Milburn (November 29, 2014). "Quiet Giant". Barron's. Retrieved 17 January 2015.
  20. ^ Carrick Mollenkamp and Robin Sidel (September 2, 2011). "BNY Mellon's New CEO Is Old Hand". The Wall Street Journal. Retrieved 15 January 2015.
  21. ^ "Gerald Hassell Profile". Forbes. Retrieved 5 February 2015.
  22. ^ Hilary Burns (November 3, 2014). "From the financial crisis to the Sandusky scandal, this one trait gave success to Karen Peetz of BNY Mellon". BizWomen. Retrieved 15 January 2015.
  23. ^ Stephen Taub (May 28, 2008). "BNY Mellon Reshuffles, Names Gibbons CFO". CFO. Retrieved 5 February 2015.}
  24. ^ "BNY Mellon names Brian Shea CEO of investment services". Reuters. June 25, 2014. Retrieved 15 January 2015.
  25. ^ a b Adam Gell (February 5, 2015). "BNY Mellon elects former Deloitte CEO to board of directors". HITC. Retrieved 5 February 2015.
  26. ^ Michael J De La Merced (December 2, 2014). "Bank of New York Mellon Gives Board Seat to Nelson Peltz's Trian Fund". The New York Times. Retrieved 15 January 2015.
  27. ^ "Bank of New York Mellon Corp". quicktake.morningstar.com. Morningstar. Retrieved 15 January 2015.
  28. ^ a b c Julie Schaeffer (November 2014). "BNY Mellon's True Return on Investment". Green Building and Design. Retrieved 22 January 2015.
  29. ^ a b "Pittsburgh Businesses "On the Frontline" of Corporate Social Responsibility". WESA. December 14, 2014. Retrieved 23 February 2015.
  30. ^ a b John Grgurich (June 14, 2013). "Goldman Sachs Defies Great Vampire Squid Label". The Motley Fool. Retrieved 22 January 2015.
  31. ^ Melissa Massello (December 6, 2014). "Companies Where Millennials Thrive: BNY Mellon". PreparedU View. Retrieved 6 February 2015.
  32. ^ Patty Tascarella (October 24, 2014). "$1M social innovation challenge launched by BNY Mellon, foundation". Pittsburgh Business Journal. Retrieved 18 January 2015.
  33. ^ "CDP Ranks Top S&P 500 Climate Performers". Environmental Leader. September 24, 2014. Retrieved 19 February 2015.
  34. ^ "Invested: An Interview With Bny Mellon Corporate Social Responsiblity Director John Buckley". JustMeans. June 6, 2014. Retrieved 15 January 2015.
  35. ^ Heather Clancy (September 11, 2014). "The 2014 Dow Jones Sustainability Index: Abbott to Woolworths". GreenBiz. Retrieved 15 January 2015.
  36. ^ a b "BNY Mellon—Fostering Global Inclusion and Multiculturalism". catalyst.org. Catalyst. June 9, 2013. Retrieved 15 January 2015.
  37. ^ Maha Masud (May 21, 2013). "Interview: President of BNY Mellon Karen Peetz on Women's Leadership". Council of the Americas. Retrieved 15 January 2015.
  38. ^ "25 Most Influential Companies for Veteran Hiring". Diversity Journal. 2014. Retrieved 15 January 2015.
  39. ^ "NGLCC names top financial services firms for diversity practices". Affinity Inc Magazine. July 23, 2014. Retrieved 15 January 2015.
  40. ^ Jack Milligan (September 11, 2014). "How One Large Bank Fosters Innovation". BankDirector.com. Retrieved 22 January 2015.
  41. ^ Greg MacSweeney (December 2, 2014). "BNY Mellon Aims to Tap Data Science Talent In Silicon Valley". Wall Street and Technology. Retrieved 15 January 2015.
  42. ^ Tim McLaughlin (January 23, 2015). "BNY Mellon, State Street get profit boost from forex trading". Reuters. Retrieved 23 January 2015.
  43. ^ Margie Manning (January 7, 2015). "3 reasons BNY Mellon keeps growing in Tampa". Tampa Bay Business Journal. Retrieved 17 January 2015.
  44. ^ Henny Sender (October 22, 2015). "BNY Mellon launches Asia wealth management strategy". Financial Times. Retrieved 14 January 2015.
  45. ^ "Fortune 500 2014". Fortune. June 6, 2014. Retrieved 17 January 2015.
  46. ^ Annebritt Dullforce (June 27, 2014). "FT 500 2014". Financial Times. Retrieved 17 January 2015.
  47. ^ Andrew Cunningham (November 13, 2014). "World's Safest Banks 2014". Global Finance. Retrieved 17 January 2015.
  48. ^ Andrew Cunningham (October 1, 2013). "World's Safest Banks 2013". Global Finance. Retrieved 17 January 2015.
  49. ^ Paul Wallace (March 2, 2014). "The Top 500 Banking Brands, 2014". The Banker. Retrieved 17 January 2015.
  50. ^ a b c "BNY Mellon Banks On Expanded Sponsorship Portfolio". IEG SR. September 16, 2013. Retrieved 22 January 2015.
  51. ^ Michael Long (February 9, 2012). "BNY Mellon names historic Boat Race". SportsPro. Retrieved 22 January 2015.
  52. ^ Michael Long (September 11, 2013). "BNY Mellon partners 49ers, Levi's Stadium". SportsPro. Retrieved 22 January 2015.
  53. ^ "BNY Mellon rows to the Balding beat with the boat race". London Evening Standard. April 2, 2013. Retrieved 22 January 2015.
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