Bank of New York Mellon Corp. (NYSE:BK) (1.0% of net assets as of June 30, 2016) (BK – $38.85 – NYSE) 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 March 31, 2016, the firm had $29.1 trillion in assets under custody and $1.6 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 the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.
