Bank of New York Mellon Corp. unexpectedly swung to a third-quarter loss on $4.8 billion of investment losses at the asset manager and securities adviser.

While Bank of New York Mellon, formed in July 2007 when Bank of New York acquired Mellon Financial Corp., managed to remain profitable last year, it has struggled in the past couple of quarters with investment write-downs and securities losses. The company is a "custodial bank," which generally holds investments and securities for other investors, but it has faced troubles related to secondary businesses.

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