The world has been seeking a perpetual motion machine for centuries. Bank of New York (BoNY) has one: its global custody business.
Totaling over $11 trillion in assets, BoNY's global custody business has been feeding its own success for close to a decade. The bank is now one of the largest custodians in the country and continues to attract assets because its size enables great cost efficiencies through economies of scale. Built on a computer platform with roots in BoNY's acquisition of Irving Trust in the 1980s, and updated to the tune of some $200 million per year, the bank has been adding to its asset base hand over fist for the past four years.