Analysis of Bank of New York Mellon: World's Largest Custodian Bank
Bank of New York Mellon is the largest custodian bank in the world with $ 33 Trillions as Assets under custody and $1.9 Trillions assets under management.
Custodian banks do not engage in traditional banking practices such as lending, borrowing, trading, investing, ATM, branching. Custodian banks only store the money and assets of wealthy individuals, wealthy families, hedge funds, mutual funds, corporations to store their assets.
Bank of New York Mellon was founded in 1784 by Alexander Hamilton and Aaron Burr, two of the founding fathers of the United States of America. Bank of New York Mellon was one of the founding member of the New York Stock Exchange in 1792 and it is still the oldest American bank still in operation today. In 2006, it merged with Mellon Financials and was renamed Bank of New York Mellon. 8% of the company is owned by Warren Buffett's Berkshire Hathaway.
Business segments of Bank of New York Mellon: 1. Investment services 2. Investment management