TOKYO, Oct. 29 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, celebrated its 40th anniversary in Japan this week (25-29 October) with client and employee events that marked the company's history of innovation and stability.
BNY Mellon, which last year celebrated its 225th anniversary and has its head office at One Wall Street in New York, opened its first office in Tokyo in 1970 via the Irving Trust Company (which merged with Bank of New York in 1988) and was granted a branch license in 1973. The company provides a wide variety of products and services to Japanese institutional and wholesale marketplace including asset management, securities servicing and corporate trust.
BNY Mellon has made a number of senior personnel appointments in Japan over the last 18 months to accelerate the investment in its businesses to meet growing client demand. In April 2009, Shogo Yamaguchi was appointed as Representative Director and President of its Japanese asset management subsidiary BNY Mellon Asset Management Japan Limited; Robert Whittemore was named as Head of Treasury Services – Japan in April 2010; and Dominick Falco was appointed as President and Chief Executive Officer of BNY Mellon's Japanese Trust Bank subsidiary in May 2010. Makoto Saji, President of The Bank of New York Securities Company Japan Ltd, joined the company in April 2008.
In September 2010, BNY Mellon announced it would be consolidating all its Japanese operations into one building in 2011 - Marunouchi Trust Tower Main in Tokyo – and has taken additional space to accommodate the company's fast growing Japanese businesses.
"Our company has a remarkable and unique history. As the oldest bank in the United States, ours is a story of innovation and change, and also an example of the power of continuity," said Christopher Sturdy, Chairman, Asia-Pacific, BNY Mellon. "From the beginning, we have embraced the changes and challenges that face our clients and helped them navigate the increasing complexity of the world's financial markets – none more challenging than the recent market volatility of 2008-10."
"We are very proud of our achievements in Japan over the last 40 years. 2011 marks the start of a new chapter in our history as we move into our new offices in Marunouchi Trust Tower Main. We look forward to continuing to support our people, clients and communities tomorrow and beyond."
BNY Mellon is listed on the New York Stock Exchange and has a market capitalization of US$32.4 billion (30 September 2010) making it the sixth largest bank by market capitalization in the United States. The company is also one of the strongest financial institutions globally, with the highest debt ratings of all major U.S. banks as ranked by both Moody's and S&P.
BNY Mellon – History
In 1784, 27-year-old Alexander Hamilton was charged with writing the constitution for a bank which opened on 9 June near where the Brooklyn Bridge now stands in New York. In those early days, the company provided some $200,000 to finance the newly established U.S. government and in 1792 became the first company listed on the New York Stock Exchange. Throughout its history, the organization has played a critical role in the development and growth of the Industrial Revolution and global finance.
The company has continued to prosper throughout severe market cycles and economic conditions, remaining solvent even during the Great Depression. When other banks closed at that time due to a rush on their capital, the company remained open, never missed a dividend payment and reported a profit in each of those quarters.
The company has been led by true visionaries, including former U.S. Treasury secretaries Alexander Hamilton (the first Treasury Secretary) and Andrew Mellon (the 49th).
Strategically, the company's leaders recognized the global nature of business, expanding overseas then refining the business model, due in part to a remarkable series of acquisitions and mergers. The company moved away from traditional banking businesses, focusing instead on asset management and securities servicing, the infrastructure and backbone for global financial markets. The company's expansion into Europe began in 1813 and its Latin America relationships started in 1893, while business in the Middle East was established in 1911 and its roots in Asia took hold in the 1920s.
Throughout its history, the company also has recognized a responsibility beyond its employees and clients, always striving to make a difference in the lives of others and in the communities in which its employees live and work. BNY Mellon continues to support a wide range of dynamic, visionary organizations that help to create a better world.
Notes to editors:
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com.
SOURCE BNY Mellon