Bank of New York Wealth Unit Looking For Mergers to Grow

October 19, 2009

Though Bank of New York Mellon Corp.'s wealth management revenue has slumped, the unit's head is touting its resilience and plotting an aggressive strategy through mergers and acquisitions. The business' revenues fell 10%, to $189 million, as of June 30, from a year earlier. But wealthy clients are continuing to invest with BNY Mellon Wealth Management, which has reported net inflows for 14 consecutive quarters.

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