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

    Occupy GAIM Fizzles

    Jan 23 2012 | 11:26am ET

    South Florida’s version of Occupy Wall Street—Occupy Palm Beach Country—is staging what I’ve been told is a less-than-impressive protest outside the GAIM conference site. Read more…