The Bank of New York and Mellon Financial have completed their merger, creating The Bank of New York Mellon Corporation. The new firm will have more than $1 trillion in assets under management, will be the top provider of issuer and clearing services, a top 10 provider of wealth management services with 83 offices in the U.S. and the U.K., and a top 10 provider of U.S. cash management and global payments.
…SEC Chairman Christopher Cox said June 14 that he expected the Commission expand an SEC pilot program for public companies to submit their data in the XBRL format to the mutual fund space, noting that “XBRL–the language of interactive data–will give analysts and investors far more flexibility in accessing and using financial data than you’ve ever had before.”
…Bear Stearns Broker/Dealer & Investment Advisor Services (BDIAS) has launched BearVIEW, an integrated Web service that allows affiliated B/Ds and advisors to access contact lists, real-time holdings, positions, and balance information. It also streamlines the money transfer process, giving clients the ability to choose from over 70 currencies. Market data, quotes, and charts are also available.
…UBS announced the opening of its new Trust Services office in Washington, D.C. The office provides Mid-Atlantic high-net-worth clients with services dedicated to their wealth management and family wealth transfer needs, including trusts, estates, and philanthropic services.
…Kinetics Asset Management, Inc. has chosen William Brennan, president of Aqua Terra Asset Management, LLC, to sub-advise the Kinetics Water Infrastruct- ure Fund one of the first water funds in the U.S. market.