BNY Investments

Global investment management firm

BNY Investments

Formerly| BNY Mellon Investment Management
Company type| Subsidiary
Industry| Investment management
Predecessors| BNY Asset Management
Mellon Asset Management
Founded| July 1, 2007; 18 years ago (2007-07-01)
Headquarters|

240 Greenwich Street, Manhattan, New York, U.S.

Key people

| Hanneke Smits (CEO)
Products| Mutual Funds
Money market funds
ETFs
AUM| US$2 Trillion (Dec 2023)[1]
Parent| BNY
Subsidiaries|

* Dreyfus Corporation
* Insight Investment
* Newton Investment Management
* Walter Scott

Website| bny.com/investments

BNY Investments is the investment management division of BNY. It is one of the largest asset managers in the world.[2]

BNY Investments operates a multi-boutique model where individual investment managers operate largely autonomously under it.[3]

## Background

[edit]

BNY Investments traces its origins to BNY Asset Management and Mellon Asset management which were the asset management divisions of Bank of New York and Mellon Financial respectively.[4][5]

In July 2007, BNY Mellon was created from the merger of the Bank of New York and Mellon Financial and BNY Mellon Investment Management (BNY Mellon IM) was created as a result of merging BNY Asset Management and Mellon Asset management. At the time of the deal, Mellon Asset management was far larger of the two with $930 billion (around 85%) in assets under management while BNY Asset management only had $179 billion under management. Under Mellon Asset management were the units Dreyfus, Newton, Walter Scott, Boston Company Asset Management and Standish Mellon Asset Management. Under BNY Asset management were the units Ivy Asset Management, Alcentra and Urdang Capital Management. The deal favoured the executives from Mellon Asset management who obtained senior positions at the newly formed division including its CEO, Ronald O’Hanley who became BNY Mellon IM 's CEO. In contrast several senior executives from BNY Asset Management left shortly after the merger was complete.[4][5][6]

After its establishment, BNY Mellon IM made moves to enter the emerging markets. In 2007, it acquired Brazilian asset management firm, ARX Capital Management in order enter the Brazilian market. During the same year it also entered a joint venture with Western Securities in China to enter its retail money management market. It was also looking at the Middle East to work with sovereign wealth funds such as Kuwait Investment Authority and the Abu Dhabi Investment Authority.[7]

In 2009, BNY Mellon IM acquired Insight Investment from Lloyds Banking Group for £235m.[8] In the same year BNY Mellon IM acquired a 20% stake in Siguler Guff.[9]

In early 2010, BNY Mellon IM closed its fund of hedge funds, Ivy Asset Management. Client interest in it declined after 2006 due to its involvement with Amaranth Advisors which resulted in significant losses. At the same time, New York Attorney General Andrew Cuomo was investigating it due to its involvement in advising clients to invest with Bernie Madoff. In November 2012, Ivy Asset Management reached a $210 million settlement with US authorities for its involvement with Madoff.[10][11][12]

In September 2017, BNY Mellon IM sold its real assets unit, CenterSquare Investment Management (previously Urdang Capital Management) to Lovell Minnick Partners.[13]

In 2018, BNY Mellon IM merged three of its investment firms (Mellon Capital Management, Standish Mellon Asset Management and The Boston Company Asset Management) to form a new unit called Mellon Investments. Due to rising technology and research costs, such consolidation was done so costs could be shared.[3]

In May 2022, Franklin Templeton Investments agreed to acquire the Alcentra private credit unit from BNY Mellon IM for $1 billion. GlobalCapital stated this was far less than the initial expectation and was perceived to happen due to the weakening of the unit's business in recent years. As a result, BNY Mellon IM lost value on the sale.[14] The deal was completed in November 1, 2022.[15]

In January 2023. BNY IM reported that its assets under management as of December 31 had declined 24.6% from a year earlier. It was attributed to lower market values, impact of a stronger US Dollar and the sale of Alcentra.[15]

In June 2024, the division was rebranded to BNY Investments.[16]

## References

[edit]

1. ^ "About Us | BNY Mellon Investment Management". im.bnymellon.com. Archived from the original on December 4, 2023. Retrieved May 4, 2024.
2. ^ "World's Top Asset Management Firms". www.advratings.com. Archived from the original on March 6, 2023. Retrieved September 11, 2023.
3. ^ a b Wigglesworth, Robin (November 13, 2017). "BNY Mellon to merge units to create $560bn fund powerhouse". www.ft.com. Archived from the original on February 1, 2023. Retrieved May 4, 2024.
4. ^ a b "The Bank of New York today announced it will acquire Mellon Financial..." Pensions & Investments. March 5, 2007. Archived from the original on September 19, 2023. Retrieved September 11, 2023.
5. ^ a b Bruno, Mark (June 8, 2007). "It's Mellon's show now". Pensions & Investments. Archived from the original on September 19, 2023. Retrieved September 11, 2023.
6. ^ Heaney, Vince (June 2008). "Proving a multinational can achieve the boutique approach". thehedgefundjournal.com. Archived from the original on September 19, 2023. Retrieved September 11, 2023.
7. ^ "BNY Mellon Asset makes move in emerging markets". Investment News. January 7, 2008. Archived from the original on May 4, 2024. Retrieved May 4, 2024.
8. ^ "BNY Mellon to acquire Insight Investment Management | Hedgeweek". www.hedgeweek.com. August 12, 2009. Archived from the original on July 12, 2021. Retrieved July 11, 2021.
9. ^ Paritosh Bansal (November 2, 2009). "BNY Asset Management buys Siguler Guff stake". Reuters. Archived from the original on July 11, 2021. Retrieved July 11, 2021.
10. ^ Williamson, Christine (April 11, 2010). "Ivy Asset employees sensed end was near". InvestmentNews. Archived from the original on April 1, 2024. Retrieved September 11, 2023.
11. ^ Heller, Jamie (April 1, 2010). "BNY Mellon Unit Under Investigation Over Madoff". Wall Street Journal. ISSN 0099-9660. Archived from the original on September 19, 2023. Retrieved September 11, 2023.
12. ^ "Ivy Asset Management reaches $210m Madoff settlement". The Guardian. Associated Press. November 13, 2012. ISSN 0261-3077. Archived from the original on September 19, 2023. Retrieved September 11, 2023.
13. ^ "BNY Mellon to sell CenterSquare to Lovell Minnick". Pensions & Investments. September 20, 2017. Archived from the original on September 19, 2023. Retrieved September 11, 2023.
14. ^ Laurikka, Oscar (June 1, 2022). "Key people: BNY's lost value on the Alcentra sale". GlobalCapital. Archived from the original on March 21, 2023. Retrieved May 4, 2024.
15. ^ a b Ghosh, Palash (January 13, 2023). "BNY Mellon's AUM plunges 24.6% from year ago". Pensions & Investments. Archived from the original on February 4, 2023. Retrieved May 4, 2024.
16. ^ Uhlig, Linus (June 12, 2024). "BNY Mellon undergoes name change amid extensive rebrand". www.investmentweek.co.uk. Retrieved June 15, 2024.

* v
* t
* e

BNY

Founders|

* Alexander Hamilton
* Aaron Burr
* Thomas Mellon

Notable executives|

| Former|

* Gerald Hassell
* Tom Renyi

|

Subsidiaries|

* BNY Investments
* Dreyfus
* Insight Investment
* Newton
* Walter Scott
* CIBC Mellon
* Eagle Investment Systems
* Pershing LLC

Historical components|

* Irving Trust
* Mechanics' and Farmers' Bank of Albany
* Mellon Financial

Buildings|

* 1 Wall Street
* BNY Mellon Center (Philadelphia)
* BNY Mellon Center (Pittsburgh)
* Mellon National Bank Building

* v
* t
* e

Major asset management companies

| Americas|

| Canada|

* Brookfield
* CI Financial
* CC&L
* Fiera Capital
* Guardian Capital Group
* Mackenzie Investments
* Manulife
* Mawer
* Power Financial
* Sun Life Financial

|

USA|

* Affiliated Managers Group
* AllianceBernstein
* Allspring
* Ameriprise Financial
* BlackRock
* BNY Investments
* Capital Group
* Charles Schwab
* Columbia Threadneedle
* Dimensional
* Dodge & Cox
* Edward Jones
* Federated Hermes
* Fidelity Investments
* Franklin Templeton
* Geode Capital
* Invesco
* MFS
* New York Life Investments
* Neuberger Berman
* NISA
* Northern Trust
* Nuveen
* PGIM
* Principal
* PIMCO
* SEI Investments Company
* State Street Global Advisors
* T. Rowe Price
* Vanguard Group
* Wellington Management

EMEA|

| France|

* Amundi
* AXA Investment Managers
* BNP Paribas Asset Management
* Ostrum Asset Management

|

Germany|

* Allianz Global Investors
* DWS Group
* Union Investment
* Universal Investment

Italy|

* Anima Holding
* ARCA Fondi SGR
* Assicurazioni Generali
* Azimut Holding
* Eurizon Capital

South Africa|

* Allan Gray
* Coronation Fund Managers
* Ninety One

UK|

* Aberdeen
* Aviva Investors
* Baillie Gifford
* Insight Investment
* Janus Henderson
* Legal & General
* Man Group
* Newton Investment Management
* M&G
* Royal London Asset Management
* Schroders

Others|

* Aegon
* Fidelity International
* GAM
* Robeco

Asia–Pacific|

| Australia|

* AMP Capital
* Challenger
* First Sentier Investors
* IFM Investors
* Magellan Financial Group
* Perpetual
* Pinnacle

|

China|

* Bosera Asset Management
* China Asset Management
* China Southern Asset Management
* China Universal Asset Management
* E Fund Management
* Fullgoal Fund Management
* Harvest Fund Management
* ICBC Credit Suisse Asset Management
* Penghua Fund Management
* Tianhong Asset Management
* Zhong Ou Asset Management

India|

* Axis Mutual Fund
* ICICI Prudential Mutual Fund
* Kotak Mutual Fund
* SBI Mutual Fund
* UTI Asset Management

Japan|

* Asset Management One
* Mitsubishi UFJ Trust and Banking Corporation
* Nikko Asset Management
* SPARX Group
* Sumitomo Mitsui Trust Holdings

Korea|

* Mirae Asset Financial Group
* Samsung Asset Management
* Shinhan Asset Management

Others|

* Eastspring Investments

Methodology: By AUM
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