Bank of New York Mellon Corp. (2.2%) (BK – $41.22 – NYSE)(BK, Financial) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of September 30, 2015, the firm had $27.4 trillion in assets under custody and $1.5 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.
From Mario Gabelli (Trades, Portfolio)'s GAMCO Equity Income Fund fourth quarter 2015 commentary.
