Processing and asset management businesses are helping four regional banking companies get better ratings on Wall Street.

Bank of New York Co., State Street Corp., Northern Trust Corp., and Mellon Financial Corp. all received “strong buy” recommendations from Raymond James & Associates analyst Richard X. Bove, who initiated coverage of the group Friday. Mr. Bove picked the four because their business models tilt away from traditional banking activities toward investment management, investment banking, and processing, fee-generating businesses he says should continue to provide growth opportunities.

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