BNY Mellon clarifies Lehman reports
Global financial services company Bank of New York Mellon (BNY Mellon) has moved to reassure the market regarding its relationship to fallen financial giant Lehman Brothers.
A statement from BNY Mellon said reports it is one of Lehman’s largest unsecured creditors are incorrect.
BNY Mellon has served as a trustee for certain Lehman Brothers bond offerings, and the group said there is a “common misunderstanding of the role that we play when serving as a trustee”.
“We have no outstanding loans to Lehman. In our role as trustee, we facilitate the payment of interest and principal between the issuer of debt and investors as well as other services,” a statement from the group said.
BNY Mellon assists clients in managing and servicing financial assets. The group has more than $23 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $12 trillion in outstanding debt.
Recommended for you
The corporate regulator has cancelled the AFSL of a Queensland-based financial services provider, having held the licence since mid-2016.
Advisers need to closely scrutinise how much volatility exists in private assets during their portfolio construction and how this is demonstrated by the providers, according to commentators.
Consulting firm Bain & Company has shared how it believes the wealth management industry can be transformed and three questions firms should consider.
Prime Minister Anthony Albanese has confirmed who will succeed Stephen Jones to serve as the Assistant Treasurer and Financial Services Minister.
