Bank of New York Mellon Corp. (NYSE:BK)(3.6%) (BK – $47.07 – 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 December 2018, the firm had $33.1 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. We believe 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 Value 25 Fund fourth-quarter 2018 shareholder letter.
