Bankers and hedge fund managers looking at opportunities at global banks may want to consider BNY Mellon. The bank may be on the cusp of joining the big boys. With talk that it may acquire British hedge fund manager Man Group, the firm that historically operated east of the Mississippi could soon go global.
BNY Mellon is already hiring financial advisors in droves. Earlier this year, It said it would increase staff by 15 percent, and backed those words by expanding into Canada and adding a team of advisors there.
Now, the bank is setting its sights on Europe, and acquiring Man would be a big step. Access to hedge fund assets and servicing of the assets that goes with it is big business - big enough that it could pave the way to the bank's becoming increasingly competitive with the likes of UBS and JPMorgan.
Regardless of whether it acquires Man, BNY Mellon will continue to look to increase its business in asset servicing and wealth management. Regulations and demographic shifts mean there will be enormous sums of money to be had there. The hallmarks of both businesses are large global sales forces and wealth advisors that preside all over the world.
To get there, BNY Mellon will continue to look to acquisitions and new hires, building around markets like Brazil, and some regions in Asia and Europe, where it already provides investment services.