Wednesday, 5 August 2015
Last updated 9 hours ago
Jul 1 2014 | 8:27am ET
An activist hedge fund has taken aim at the world’s largest deposit bank.
Trian Fund Management has taken a 2.5% stake in the Bank of New York Mellon and plans to discuss ways of improving shareholder value with management. The hedge fund has been building its stake since the first quarter, winning permission to keep it a secret until now.
“Trian is a respected investment firm. We look forward to engaging with them as we do all our investors,” BNY Mellon said.
Trian’s investment follows a complaint in February from CLSA’s Mike Mayo that the bank should be “more aggressive” about restructuring, including a spin-off of its huge asset-management business.
May 27 2015 | 2:15pm ET
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