Bank of New York Mellon (BNY Mellon) is an asset management company that operates through two segments: Investment Services and Investment Management. The company offers a range of services in 35 countries, including asset servicing, collateral management and segregation, corporate trust, depository receipts, investment management, liquidity services, securities finance, treasury services and wealth management.
BNY Mellon is committed to operating with market integrity. The bank looks to positively impact underserved communities with its recently launched BNY Mellon Social Finance Fund, which is focused on high-impact investments. Additionally, the company’s asset management division has more than $660 billion in assets under management (AUM) that have been screened for ESG criteria and 37% of its total AUM are in compliance with the Principles for Responsible Investment. BNY Mellon assesses loan applicants with its own guidelines based upon the Equator Principles. The company continues to update and advance its supply chain management policies and practices, including initiatives for supplier diversity and social responsibility. To improve its footprint from operations, BNY Mellon has reduced CO2 emissions 42%, paper use 61%, diverts 69% of its waste from landfill and is beginning to track its water usage. More than a third of the company’s operating space has at least one type of sustainability certification. BNY Mellon and its employees contributed approximately $40 million to charities and nonprofits in a recent year and the company’s worker philanthropy participation level has increased by 97%.
The US FDIC has filed a lawsuit against BNY Mellon for allegedly selling fraudulent mortgage-backed securities. BNY Mellon recently came to a class action settlement with consumers alleging deceptive rates on foreign exchange transactions. Additionally, the bank only has one woman on its eleven-person board of directors.
Country: United States
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 12/31/16 and may not reflect current opinions or subsequent events.