Family Office
BNY Mellon completes bank and trust consolidation
Parent wittles legacy entities down to two banks and three trust
companies. The Bank of New York Mellon Corporation, the result of
last year's merger of the Bank of New York and Mellon Financial,
has finished consolidating and re-naming its bank and
trust-company subsidiaries.
"These changes will ultimately make it easier for our company to
conduct its business and for our customers to conduct their
business with us," says the Bank of New York Mellon's CEO Robert
Kelly -- previously CEO of Pittsburgh-based Mellon Financial.
"For most of our clients, the consolidation of these charters was
largely transparent and operationally seamless, aside from
different entity names appearing on their statements and reports
going forward."
Streamline
The merged companies' banking businesses are now in one of two
entities.
The Bank of New York Mellon, a New York State chartered bank,
houses institutional things like asset-servicing, issuer
services, treasury services, broker-dealer and advisor services
and the bank-advised parts of the company's asset-management
businesses.
BNY Mellon houses Mellon's legacy private-wealth business,
period. The smaller legacy Bank of New York wealth-management
business, catering mainly to clients in and around New York, will
be added in the first quarter of 2009 when the bank's completes
an integration of technologies. For practical purposes though,
the legacy wealth businesses are already united, according to
Bank of New York Mellon spokeswoman Susan Rivers.
The Bank of New York Mellon Corporation has reduced a number of
companies housing U.S. trust products and services to three: the
nationally chartered Bank of New York Mellon Trust Company, BNY
Mellon Trust Company of Illinois and BNY Mellon Trust of
Delaware. These across the U.S.
Most of the Bank of New York Mellon's asset-management businesses
operate as standalones outside the firm's banks or trust
companies. The same goes for its clearing and custody provider
Pershing, a legacy Bank of New York company.
The Bank of New York Mellon, which is based in New York, has more
than $23 trillion in assets under custody and administration and
more than $1.1 trillion in assets under management. -FWR
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