BNY Investments

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.{{Cite web |date=March 5, 2007 |title=The Bank of New York today announced it will acquire Mellon Financial... |url=https://www.pionline.com/article/20061204/ONLINE/612040701/the-bank-of-new-york-today-announced-it-will-acquire-mellon-financial |access-date=September 11, 2023 |website=Pensions & Investments |language=en |archive-date=September 19, 2023 |archive-url=https://web.archive.org/web/20230919000958/https://www.pionline.com/article/20061204/ONLINE/612040701/the-bank-of-new-york-today-announced-it-will-acquire-mellon-financial |url-status=live }}{{Cite web |last=Bruno |first=Mark |date=June 8, 2007 |title=It's Mellon's show now |url=https://www.pionline.com/article/20070611/PRINT/70608032/it-s-mellon-s-show-now |access-date=September 11, 2023 |website=Pensions & Investments |language=en |archive-date=September 19, 2023 |archive-url=https://web.archive.org/web/20230919004006/https://www.pionline.com/article/20070611/PRINT/70608032/it-s-mellon-s-show-now |url-status=live }}

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.{{Cite web |last=Heaney |first=Vince |date=June 2008 |title=Proving a multinational can achieve the boutique approach |url=https://thehedgefundjournal.com/the-bank-of-new-york-mellon/ |access-date=September 11, 2023 |website=thehedgefundjournal.com |language=en-GB |archive-date=September 19, 2023 |archive-url=https://web.archive.org/web/20230919001002/https://thehedgefundjournal.com/the-bank-of-new-york-mellon/ |url-status=live }}

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.{{Cite web |date=January 7, 2008 |title=BNY Mellon Asset makes move in emerging markets |url=https://www.investmentnews.com/industry-news/news/bny-mellon-asset-makes-move-in-emerging-markets-13128 |website=Investment News |access-date=May 4, 2024 |archive-date=May 4, 2024 |archive-url=https://web.archive.org/web/20240504084634/https://www.investmentnews.com/industry-news/news/bny-mellon-asset-makes-move-in-emerging-markets-13128 |url-status=live }}

In 2009, BNY Mellon IM acquired Insight Investment from Lloyds Banking Group for £235m.{{Cite web|date=August 12, 2009|title=BNY Mellon to acquire Insight Investment Management {{!}} Hedgeweek|url=http://www.hedgeweek.com/2009/08/12/bny-mellon-acquire-insight-investment-management|access-date=July 11, 2021|website=www.hedgeweek.com|language=en|archive-date=July 12, 2021|archive-url=https://web.archive.org/web/20210712124119/https://www.hedgeweek.com/2009/08/12/bny-mellon-acquire-insight-investment-management|url-status=live}} In the same year BNY Mellon IM acquired a 20% stake in Siguler Guff.{{Cite news|author=Paritosh Bansal|date=November 2, 2009|title=BNY Asset Management buys Siguler Guff stake|language=en|work=Reuters|url=https://www.reuters.com/article/sigulerguff-bny-idUKN0243067820091102|access-date=July 11, 2021|archive-date=July 11, 2021|archive-url=https://web.archive.org/web/20210711084142/https://www.reuters.com/article/sigulerguff-bny-idUKN0243067820091102|url-status=live}}

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.{{Cite web |last=Williamson |first=Christine |date=April 11, 2010 |title=Ivy Asset employees sensed end was near |url=https://www.investmentnews.com/ivy-asset-employees-sensed-end-was-near-28333 |access-date=September 11, 2023 |website=InvestmentNews |language=en-US |archive-date=April 1, 2024 |archive-url=https://web.archive.org/web/20240401112939/https://www.investmentnews.com/industry-news/archive/ivy-asset-employees-sensed-end-was-near-28333 |url-status=live }}{{Cite news |last=Heller |first=Jamie |date=April 1, 2010 |title=BNY Mellon Unit Under Investigation Over Madoff |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052702303338304575156311271607620 |access-date=September 11, 2023 |issn=0099-9660 |archive-date=September 19, 2023 |archive-url=https://web.archive.org/web/20230919000959/https://www.wsj.com/articles/SB10001424052702303338304575156311271607620 |url-status=live }}{{Cite news |agency=Associated Press |date=November 13, 2012 |title=Ivy Asset Management reaches $210m Madoff settlement |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2012/nov/13/ivy-asset-management-madoff-settlement |access-date=September 11, 2023 |issn=0261-3077 |archive-date=September 19, 2023 |archive-url=https://web.archive.org/web/20230919000958/https://www.theguardian.com/business/2012/nov/13/ivy-asset-management-madoff-settlement |url-status=live }}

In September 2017, BNY Mellon IM sold its real assets unit, CenterSquare Investment Management (previously Urdang Capital Management) to Lovell Minnick Partners.{{Cite web |date=September 20, 2017 |title=BNY Mellon to sell CenterSquare to Lovell Minnick |url=https://www.pionline.com/article/20170920/ONLINE/170929988/bny-mellon-to-sell-centersquare-to-lovell-minnick |access-date=September 11, 2023 |website=Pensions & Investments |language=en |archive-date=September 19, 2023 |archive-url=https://web.archive.org/web/20230919002503/https://www.pionline.com/article/20170920/ONLINE/170929988/bny-mellon-to-sell-centersquare-to-lovell-minnick |url-status=live }}

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.{{Cite web |last=Wigglesworth |first=Robin |date=November 13, 2017 |title=BNY Mellon to merge units to create $560bn fund powerhouse |url=https://www.ft.com/content/b168ec5c-1e29-3a2c-a5c5-c89836ac6cf9 |access-date=May 4, 2024 |website=www.ft.com |archive-date=February 1, 2023 |archive-url=https://web.archive.org/web/20230201232851/https://www.ft.com/content/b168ec5c-1e29-3a2c-a5c5-c89836ac6cf9 |url-status=live }}

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.{{Cite web |last=Laurikka |first=Oscar |date=June 1, 2022 |title=Key people: BNY's lost value on the Alcentra sale |url=https://www.globalcapital.com/article/2a6a610hevwl0pcq1roxs/comment/key-people-bnys-lost-value-on-the-alcentra-sale |access-date=May 4, 2024 |website=GlobalCapital |language=en |archive-date=March 21, 2023 |archive-url=https://web.archive.org/web/20230321101634/https://www.globalcapital.com/article/2a6a610hevwl0pcq1roxs/comment/key-people-bnys-lost-value-on-the-alcentra-sale |url-status=live }} The deal was completed in November 1, 2022.{{Cite web |last=Ghosh |first=Palash |date=January 13, 2023 |title=BNY Mellon's AUM plunges 24.6% from year ago |url=https://www.pionline.com/money-management/bny-mellons-aum-plunges-246-year-ago |website=Pensions & Investments |access-date=May 4, 2024 |archive-date=February 4, 2023 |archive-url=https://web.archive.org/web/20230204111645/https://www.pionline.com/money-management/bny-mellons-aum-plunges-246-year-ago |url-status=live }}

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.

In June 2024, the division was rebranded to BNY Investments.{{Cite web |last=Uhlig |first=Linus |date=2024-06-12 |title=BNY Mellon undergoes name change amid extensive rebrand |url=https://www.investmentweek.co.uk/news/4321594/bny-mellon-undergoes-change-amid-extensive-rebrand |access-date=2024-06-15 |website=www.investmentweek.co.uk |language=en}}

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Category:BNY Mellon

Category:Investment management companies of the United States

Category:Companies based in Manhattan

Category:Asset management companies