The Bank of New York Mellon Corporation (BNY Mellon) has announced that due to coronavirus, the location of its stockholder meeting will be moved online.
Due to the Covid-19 outbreak, the annual meeting will be held solely by remote communication in a virtual only format.
However, the date and time, April 15 2020 at 0900 EST, will not change.
BNY Mellon results so far
This is a 67% surge from the previous year’s income of $832m.
The firm’s total revenue for the three-month period ended 31 December 2019 was $4.78bn, a 19% rise from $4.01bn in the corresponding quarter of 2018. The rise was said to be primarily due to the gain from the sale of an equity investment.
BNY Mellon interim CEO Todd Gibbons said: “In 2019, we continued to build the foundation for growth and the fourth quarter showed progress toward this goal.”
Assets under management at BNY Mellon totalled $1.9trn at the end of December 2019, up 11% from the previous year. The growth was attributed to higher market values and a weaker US dollar.
Assets under custody and/or administration of $37.1trn were 12% higher than the previous year. This was said to be driven by higher market values and client inflows.
In addition, it selected Liontrust Asset Management as the first end-to-end client on its new Investment Operations platform.
The platform’s purpose is to improve automation and integration capabilities, as well as offer enhanced data management and control capabilities to institutional asset managers.
Investment Operations will cover the same capabilities as Middle Office Solutions, including services to support the needs of the institutional asset management client base.
The Investment Operations platform also provides modular data capabilities for greater operational transparency and integration to outsource services and operations.
Clients can use services such as trade support, derivatives lifecycle, collateral management, bank loans, investment book of record (IBOR) and investment performance across all asset classes.
Asset managers will further be able to make better investment decisions while managing risk, improving efficiencies and reducing costs.