Bank New York Mellon Corp Stock Price, News & Analysis

BNY Mellon has announced new enhancements to Pershing X's Wove platform, a wealth management tool. The updates include Wove Investor, a client portal for investors to manage multiple accounts, and Wove Data, a cloud-based tool for C-suite executives to analyze large data sets. Additionally, Portfolio Solutions offers new features to help advisors optimize investment strategies.

The Wove Investor portal allows users to check balances and perform tasks across various custodians, with future updates planned for money transfers and advisor collaboration. Wove Data aims to provide deeper insights into wealth management performance, while Portfolio Solutions enhances efficiency in aligning investment products with client objectives.

These updates are part of BNY Mellon's ongoing commitment to innovation in the wealth management sector, as articulated by Pershing X President, Ainslie Simmonds.

BNY Mellon has announced a new bundled offering through Pershing, aimed at financial advisors, including RIAs, broker-dealers, and banks. This package integrates services from BNY Mellon Investment Management and BNY Mellon Advisors, potentially providing up to 40% in savings. The initiative seeks to simplify the investment process for advisors by combining asset allocation, manager selection, investment management products, customized tax solutions, and custody and clearing services. The offering is backed by BNY Mellon's 240 years of financial expertise and is designed to help advisors better meet client needs and improve their practice efficiency.

BNY Mellon announced the launch of customized tax solutions and expanded its Precision Direct Indexing suite. Financial advisors, broker-dealers, and RIAs can now access these services to better align with their clients' investment goals. Managed by Mellon's expert team, the new offerings include tax transition management and tax overlay management. These services allow portfolio migration considering various factors like time horizon and tax budget. Additionally, five new direct indexing strategies have been added: US Core 500, US Total Market, US Large Cap Growth, US Large Cap Value, and International Developed Core. As of March 31, 2024, BNY Mellon oversees $48.8 trillion in assets under custody and $2.0 trillion in assets under management.

Stephanie Hill, Head of Index at Mellon, emphasized the firm's dedication to delivering institutional-quality index management to retail investors. BNY Mellon serves a wide range of clients, including over 90% of Fortune 100 companies and top 100 banks globally. Mellon manages $486.1 billion in assets and offers solutions tailored to sophisticated investors. For more information, visit BNY Mellon's website.

The Community Development Bankers Association (CDBA) and the National Bankers Association (NBA) have launched the Advancing Communities Together (ACT) Deposit Program. This initiative aims to channel $35 million from major financial firms into banks serving low-income and minority communities. The deposits are FDIC-insured, with expectations of more funding from corporations, foundations, and universities. Participating firms include Blackstone, BNY Mellon, Warburg Pincus, and IntraFi. The program simplifies the funding process, distributing deposits among over 70 community banks to facilitate lending and promote economic growth in underserved areas. The program is part of a larger effort to leverage $6 billion in Treasury funds to support communities affected by the pandemic.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) for BNY Trade Insurance and The Hamilton Insurance Corp. The outlook for these ratings is stable. BNY Trade’s balance sheet strength is assessed as the strongest, supported by risk-adjusted capitalization at the strongest level, excellent liquidity, and consistent net profits over the past five years. Hamilton’s balance sheet is assessed as very strong, with strong liquidity measures exceeding industry averages and support from its parent company, BNY Mellon. Both companies show strong operating performance with favorable combined ratios and low expense structures.

BNY Mellon Investment Adviser announced monthly distributions for BNY Mellon Strategic Municipal Bond Fund (DSM) and BNY Mellon Strategic Municipals (LEO). The distributions are $0.018 per share for DSM and $0.019 per share for LEO, payable on June 28, 2024, to shareholders of record on June 14, 2024, with an ex-dividend date of June 14, 2024.

BNY Mellon Investment Management, managing $2.0 trillion in assets, is a division of BNY Mellon, holding $48.8 trillion in assets under custody as of March 31, 2024. BNY Mellon, established in 1784, offers comprehensive financial services globally, trading closed-end funds on secondary markets.

Behavox announced its Q1 2024 financial results, reporting a 51% increase in revenue and marking its second consecutive quarter of profitability. The growth is driven by high demand for its AI-driven compliance solutions, particularly the Quantum AI product.

Major deals with BNY Mellon, Vitol, and Evercore, as well as successful implementation with Brevan Howard, have bolstered the company's revenue. Behavox aims for 20% operating margins by 2025 while continuing to invest in AI research.

The company's financial stability is underscored by its ongoing investment in cutting-edge AI technology, contributing to higher model accuracy and broader risk coverage.

On May 23, 2024, BNY Mellon Alcentra Global Multi-Strategy Credit Fund (XALCX) announced a distribution of $2.00 per share of common stock. This distribution is payable on June 24, 2024, to shareholders recorded by the close of business on June 7, 2024, which is also the ex-dividend date. The Fund aims to maintain quarterly distributions, reflecting its net investment income and broader market conditions. Managed under normal market conditions, the Fund's earnings depend on its asset mix, portfolio maturity, and hedging practices. BNY Mellon Investment Management, a division of BNY Mellon, oversees the Fund, managing $2.0 trillion in assets as of March 31, 2024.

On May 22, 2024, BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund (NYSE: DCF) announced a monthly distribution of $0.035 per share, payable on June 21, 2024, to shareholders of record as of June 6, 2024. The ex-dividend date is June 6, 2024. This distribution matches the amount declared in April 2024. The Fund plans to distribute most of its net income in monthly dividends, though this could change based on market conditions and Board decisions. BNY Mellon Investment Management, the Fund's adviser, manages $2.0 trillion in assets as of March 31, 2024. BNY Mellon manages a total of $48.8 trillion in assets under custody/administration. Notably, the Fund's performance and share value can fluctuate, and there is no guarantee of achieving its investment objectives.