Monday, December 04, 2006

..meanwhile, in Pittsburgh...

Bank of New York to buy Mellon, create $43 bln custody giant - MarketWatch: This is huge.

"The Bank of New York said Monday it agreed to buy Mellon Financial Corp. in a deal that will create a $43 billion giant ranked as the world's largest custodian of financial assets and a top ten asset management firm....The combined company will be the world's biggest asset custodian and corporate trustee with $16.6 trillion in assets under custody and $8 billion in assets under trusteeship. It will also be a top ten global asset manager with $1.1 trillion of assets under management. It will also rank as the 11th largest financial institution in the U.S."

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