BoNY Buys Mellon, Now Biggest Asset Servicer, Trustee

Dec 4 2006 | 10:48am ET

The Bank of New York will pay $16.5 billion to acquire Pittsburgh’s Mellon Financial Corp., creating the largest securities servicing firm and corporate trustee in the world, both firms said today.

The deal—BoNY’s second this year, following its April agreement to swap its consumer banking business for JPMorgan Chase’s corporate trust business—creates a giant which will compete for hedge funds’ securities lending, servicing and trusteeship business.


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Publisher's Note

    Save The Date: FINforums Annual Hedge Fund Summit

    Mar 2 2012 | 4:10am ET

    Deirdre BrennanDeirdre BrennanFINforums, the events arm of FINalternatives, is holding its Annual Hedge Fund Summit on Sept. 20, 2012 at the Sentry Centers in New York City. Don't miss out on this chance to meet and mingle with the top decision makers and investors in the alternative asset management industry. Read more…