Bank of New York Mellon's
deal specialists must be working overtime. Reports have already linked Bank of New York Mellon
as possible buyer to both Bank of America
's Columbia Management
and Barclays Global Investors
(and its iShares
unit), and now the custody bank's chief has confirmed that he's on the prowl for an asset management deal.
's Sree Vidya Bhaktavatsalam reports
that BNY Mellon CEO Robert Kelly
wants to buy asset managers, specifically asset managers with offerings they "don't have today."
Kelly put his deal-hunting in the context of BNY Mellon's "multi-boutique" asset management model, which currently manages about $880 billion and includes both actively managed mutual funds under the Dreyfus
brand and institutional bond offerings via Standish Mellon
. BNY Mellon also custodies about $19.5 trillion.
Last month the Boston Globe
named Mellon as a logical buyer for Columbia, and the Financial Times
and Wall Street Journal
both listed BNY Mellon as a bidder for all of BGI (not just iShares) (see MFWire
Neil Anderson, Managing Editor
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