BK NY MELLON : The Bank of New York Mellon Ranked Top Municipal Debt Trustee for 2008
02/04/2009| 08:00am US/Eastern
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NEW YORK, Feb. 4 /PRNewswire-FirstCall/ -- The Bank of New York Mellon (NYSE: BK), a global leader in asset management and securities servicing, was the number one overall trustee for municipal debt in 2008, according to data compiled by Thomson Reuters, a leading source of intelligent information for businesses and professionals.
In 2008, The Bank of New York Mellon served as trustee on more than 1,100 municipal issues with proceeds exceeding $98 billion, which accounted for approximately 30% of all new deals during the year.
Troy Kilpatrick, managing director and head of the municipal finance division for The Bank of New York Mellon's Global Corporate Trust business, said, "This ranking reflects our commitment to delivering quality trust services and to working collaboratively with clients to help them keep pace with the changing financial landscape. We are very proud to have secured this top ranking for a third consecutive year."
The Bank of New York Mellon's corporate trust business services more than $11 trillion in outstanding debt from 56 locations around the world. It services all major debt categories, including corporate and municipal debt, mortgage-backed and asset-backed securities, collateralized debt obligations, derivative securities and international debt offerings.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company 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 $20.2 trillion in assets under custody and administration, and $928 billion in assets under management. Additional information is available at bnymellon.com.
SOURCE The Bank of New York Mellon Corporation
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