bank of new york mellon corp (BK) Key Developments
BNY Mellon Appoints Chris Faddy as Head of Distribution of Managed Investments
Dec 5 13
BNY Mellon has appointed Chris Faddy as head of distribution of managed investments as part of its plans to expand executive team of its separately managed accounts (SMA) business in Asia-Pacific. In addition, the company has expanded its Asia-Pacific separately managed accounts (SMA) business to Singapore. In his new role, Faddy will be responsible for expanding the business in Singapore and Hong Kong. In addition, he will also be responsible for identifying new markets, managing the wholesale team build out and the SMA marketing and educational initiatives. Faddy joins the company from Credit Suisse Asset Management in Singapore.
Four Consortia Will Reportedly Bid For 45% Stake In Wing Hang Bank
Dec 5 13
At least four consortia will bid for the 45% stake of Wing Hang Bank Limited (SEHK:302) held by Chairman Patrick Fung's family and The Bank of New York Mellon Corporation (NYSE:BK), according to people with knowledge of the matter. The bid will be placed in mid of December at the soonest. Goldman Sachs was appointed as the advisor for the deal. The family of Chairman Patrick Fung as well as a family-linked affiliate and Bank of New York Mellon Corp said in September 2013 they had received preliminary offers from third parties that they did not identify. Suitors preparing to bid in mid-December include The Bank of Nova Scotia (TSX:BNS); Oversea-Chinese Banking Corporation Limited (SGX:O39); Agricultural Bank of China Limited (SEHK:1288); and Anbang Property & Casualty Insurance Co., Ltd., two people familiar with the matter said. Wing Hang expects a price equivalent to about twice its book value, one of the people said, valuing the sale at just over $5 billion. The bank's stock currently trades at 1.71 times its book value. Wing Hang shares were up 3.5% on September 4, 2013. According to Reuters, a Wing Hang spokeswoman declined to comment on the hiring of Goldman, pointing to a statement the bank issued in October saying shareholders were in talks with independent third parties and that no agreements had been reached. According to Reuters, Goldman spokesman in Hong Kong declined to comment, Bank of Nova Scotia and OCBC declined to comment, while Anbang and AgBank were not immediately available to comment.
BNY Mellon Appoints James Lawler as Senior Relationship Manager
Dec 4 13
BNY Mellon has appointed James P. Lawler as a senior relationship manager in its corporate trust business, where he is responsible for relationship and risk management for corporate and insurance clients throughout Pennsylvania, Ohio, New York and New England. He is based in Philadelphia and reports to Erin Courcey, business group manager of U.S. corporate and insurance market segments at BNY Mellon Corporate Trust.
BNY Mellon Announces New Liquidity Administration Service for Funds of Hedge Funds and Pension Plans
Dec 3 13
BNY Mellon has introduced a new liquidity administration service as part of its fund of hedge funds (FoHF) offering. The service will provide clients across BNY Mellon's alternative fund administration and traditional custody segments with enhanced liquidity monitoring, reporting and analysis, plus advanced portfolio modeling capabilities. The new solution is aimed both at existing FoHF clients who use ad hoc or manual processes for liquidity administration as well as public or corporate pension plans that require more sophisticated analytics and monitoring of their alternative investments portfolio. Clients will have access to the liquidity application via the BNY Mellon Connect(TM) portal. The new service is fully integrated with the company's FoHF custody and accounting systems, which helps to streamline trade execution instructions. Among its key features, the service enables clients to forecast redeemable investment amounts through 'what if' analyses, along with information on notice periods, lock-ups, and cash settlement and redemption fees by investment.
The Bank of New York Mellon Corporation Presents at J.P. Morgan Asia Infrastructure & Industrial Corporate Access Days, Singapore, Dec-05-2013
Dec 2 13
The Bank of New York Mellon Corporation Presents at J.P. Morgan Asia Infrastructure & Industrial Corporate Access Days, Singapore, Dec-05-2013 . Venue: Singapore.