A Bank merger of enormous proportions in the asset management field.  $17 trillion in assets serviced, and over 1 trillion in directly managed assets!

The new company, which will be called Bank of New York Mellon Corp., will be the world’s leading asset serviced with $16.6 trillion in assets under custody and corporate trustee with $8 trillion in assets under trusteeship. It will rank among the top 10 global asset managers with more than $1.1 trillion in assets under management.

Source: The Cincinnati Post – Merger creates banking behemoth

Bank of New York Co. has agreed to take over Mellon Financial Corp. in a $16.5 billion all-stock deal that will create the world’s largest securities servicing company and one of the biggest asset managers.