The oldest financial institution in the US is the Bank of New York Mellon or BNY Mellon for short and is a historically significant company as well having been founded in 1784. The company currently operates in 6 primary financial sectors providing services such as:
- asset management
- asset servicing
- advisory services
- broker-dealer
- issuance services
- treasury services
BNY Mellon was established in 2007 by the merger of the Bank of New York Company, Inc. and Mellon Financial Corporation. They are one of the industry leaders where asset management and security services are concerned. Their commitment to their clients involves managing and moving their particular assets in order to help them succeed in a marketplace that is constantly changing.
BNY Mellon currently holds over $22 trillion in assets which are under administration or custody, and over $1 trillion of them are currently managed. The company serves primarily three different groups of businesses or individuals including:
- advisors and consultants
- corporations and institutions
- private individuals
The company is currently located in 34 countries worldwide with 56 offices and 42,000 employees which serve over 100 different markets (as of the end of 2009).
Company history
BNY Mellon is steeped in history having been founded over 225 years ago by its well-known founding father Alexander Hamilton. From a historical standpoint the company is woven into the history of the US as well. Not only was Hamilton the company’s founding father, he also wrote their constitution and in BNY Mellon’s earlier years, he was the most active individual in the corporation.
It has oftentimes been said that Hamilton was a man of great financial vision and had a firm grasp of the basic financial principles. Based on his role with company, Hamilton would go on to become the first Secretary of the US Treasury as well as being one of George Washington’s first cabinet members. During the company’s entire history, they have served their clients effectively and efficiently while at the same time maintaining their vision of growth and a history of performing through bad or good economic times.
Mellon Financial mutual funds
The financial investment division of BNY Mellon is Mellon Financial which was founded 4 years after the end of the US Civil War by Thomas Mellon along with sons Andrew and Richard. The company merged with the Bank of New York in 2007. The types of mutual funds that they offer include:
- business or corporate trusts
- capitalization funds
- closed-end or open-end mutual funds
- exchange-traded funds (ETF’s)
- equity funds
- growth and value funds
- index funds
- managed funds
- initial public offerings (a.k.a. IPO’s)
- unit investment trusts
This presents somewhat of challenge to the novice investor who is not that educated where these different fund groups are concerned. For more information regarding the different types of funds offered, visit the Bank of New York Mellon or you can call your local area BNY Mellon office and speak with a company representative.
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