The Bank of New York Company and Mellon Financial Corporation have agreed to merge to create the world's biggest ‘asset services' company with $16.6trn in assets under custody and corporate trustee, and $8trn in assets under trusteeship.
The move will also create a new top-10 global asset manager with more than $1.1trn of assets under management. All business will be carried out under the new company name The Bank of New York Mellon Corporation, although The Bank of New York will hold an advantage in the number of seats allocated directors: 10 as against eight from Mellon. The new business will be headquartered in New York. Pittsburgh, currently headquarters for Mellon, will become the location for the new company’s technology, operations and administration through a so-called “center for excellence”. Total revenues und...
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