BNY is a global investments company providing financial services for institutions, corporations or individual investors and delivers investment management and investment services. BNY is the corporate brand of The Bank of New York Mellon Corporation.
In 2006, a merger was agreed between the Bank of New York and Mellon Bank, leading to what was known as BNY Mellon (and now BNY) becoming one of the largest servicing companies in the world. In the midst of the 2007-2009 Financial Crisis, the US Treasury named BNY Mellon as the master custodian of its Troubled Asset Relief Program.
Up until the late eighteenth century, there were only a couple of banks in the United States. The shipping industry in New York continuously pushed for the creation of one in their city, which was agreed to in 1784 with the founding of the Bank of New York (BNY). The bank provided the first ever loan to the federal Government in 1789 to pay for the salaries of government employees, including the President of the US. This was the beginning of BNY’s long-lasting involvement in the financing of government, including the war effort during the American Civil War, as well as the rebuilding effort after its conclusion. The bank significantly expanded in the twentieth century after a number of acquisitions and mergers. The bank was very active in Russia in the 1990s and its operations later came under intense scrutiny.
Mellon Bank, then named Mellon Financial, was founded in 1869 by the Mellons, an Irish family living in Pennsylvania, who saw an opportunity to invest in industrial firms, including Gulf Oil, Alcoa and General Motors. Its successful merger with the Union Trust Company, also founded by the Mellons, led to them being the first billion dollar bank in Pittsburgh. The bank was then able to acquire a number of financial institutions in the 1980s and 1990s, including many branches of the first ever American savings bank, the Philadelphia Savings Fund Society.
BNY's Irish operations are a centre of excellence and a major hub from which the company services its global clients. It has a strong history in Ireland having set up operations in 1994 and it has large operations in Cork, Wexford and Dublin that deliver services to traditional and alternative asset managers, banks, pension funds, insurance companies and corporates.
BNY provides fund administration services for a wide variety of funds for a global client base including money market, equity, bond, multi-manager, ETFs, fund of funds and alternative investment funds. Locally it is a leading trustee and custodian for offshore investment funds domiciled in Ireland. Additionally, BNY's Irish presence provides a broad range of services including corporate trust and depositary receipts. BNY's subsidiary Pershing also has an Irish presence and is a leading provider of execution, clearing and custody services for equities, bonds and provides a funds platform to stockbrokers, wealth managers and IFAs.
In June 2023 BNY announced the opening of their global digital R&D hub in Dublin. The hub assists the bank in achieving its European and global R&D goals and works with educational institutions to sponsor and support advanced AI research, giving graduate students career and mentoring opportunities.
In 2024, BNY expanded its EU execution capabilities with a new EU trading desk in its Irish operations to meet demand from EU clients and help prepare for Europe’s move towards a T+1 settlement cycle. The trading desk offers execution services for BNY clients in equities and fixed income.
In Ireland, BNY has a range of legal entities including: BNY Mellon Fund Services (Ireland) Designated Activity Company; BNY Mellon Investment Servicing (International) Limited; BNY Mellon Trust Company (Ireland) Limited, Pershing Securities International Limited and The Bank of New York Mellon SA/NV (Dublin Branch). They are all regulated by the Central Bank of Ireland.
