Investment Thesis
BNY Mellon is the world’s largest custodian bank, providing asset servicing, Pershing clearing, and investment management. Rising interest rates, ETF flows, and automation initiatives drive earnings leverage.
- Scale Custody: Global clients rely on BNY for settlement, FX, and safekeeping.
- Pershing Growth: RIA and broker-dealer platform benefits from advisory migration.
- Efficiency Focus: Automation and cloud partnerships lower unit costs.