Bank of New York Co. has added a brokerage unit in London to bolster its securities processing business abroad.
BNY ESI International, which opened Monday, will execute and clear clients' securities trades in 40 international markets and provide trade management services for the $63 billion-asset banking company.
The company has hired Dipak Rajani from Dresdner Kleinwort Benson and Gareth Jones from Brown, Shipley & Co. to set up the London trading desk.
Bank of New York and its U.S. securities processing rivals State Street Corp. and Chase Manhattan Corp. have been aggressively expanding their activities in Europe. The aim: to capitalize on pension fund privatization and growth in the region's capital markets.
Bank of New York set up its U.S. institutional brokerage in late 1997 with the acquisition of ESI & Co., New York.