Reuters: BNY Mellon looking to acquire WM firms - Spear's Magazine

Reuters: BNY Mellon looking to acquire WM firms

BOSTON (Reuters) – Bank of New York Mellon Corp (BK.N: Quote, Profile, Research, Stock Buzz), busy integrating its merger and conserving capital for the past two years, is again ready to seek wealth management acquisitions across the United States as well as expand in several overseas markets.

BOSTON (Reuters) – Bank of New York Mellon Corp (BK.N: Quote, Profile, Research, Stock Buzz), busy integrating its merger and conserving capital for the past two years, is again ready to seek wealth management acquisitions across the United States as well as expand in several overseas markets.

“We are beginning to look again,” BNY Mellon Wealth Management Chief Executive David Lamere told the Reuters Global Wealth Management Summit in Boston. “There’s an opportunity for us.”

BNY Mellon itself was born out of the 2007 combination of Bank of New York and Mellon Financial, the latter of which completed about 10 wealth management deals between 2001 and 2006. “We’re an educated acquirer,” Lamere said.

Starting with the purchase of The Boston Co in 1993 and mutual fund giant Dreyfus a year later, Mellon amassed 14 individual investment firms in cities such as Atlanta, Cleveland, Florida and Las Vegas.

To read the full story, visit reuters.com



 

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