The Bank of New York Mellon Corp. (BK) (1.3% of net assets as of June 30, 2014) (BK - $37.48 - NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in over one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of December 31, 2013, the firm had $27.6 trillion in assets under custody and $1.6 trillion in assets under management. Going forward, we expect BNY Mellon to benefit from rising global incomes and the cross border movement of financial transactions.
From Mario Gabelli (Trades, Portfolio)’s The Gabelli Equity Income Fund Second Quarter 2014 Shareholder Commentary.
