Now that Bank of New York Mellon Corp. has closed its $2.31 billion acquisition of PNC's Global Investment Servicing Inc., it is looking abroad for growth in its asset servicing business.
The company has identified several international markets it would like to expand into over the next two years, said Jim Palermo, the chief executive officer of BNY Mellon's asset servicing business. These markets include Germany, Australia, China, South Korea, India, Brazil and the Middle East.
The acquisition of PNC's Global Investment Servicing business, which closed today, doubled BNY Mellon's European asset base and made it the second-largest provider of fund accounting, administration and transfer agency services to fund managers globally. "They were stronger in fund administration and fund accounting services and we are a larger custodian. … There are tremendous revenue opportunities here," Palermo said.