The Bank of New York to Provide Investment Management Services to the Employees Retirement System of Texas; The Bank Awarded Mandate for $100 Million Small Cap Growth Assets.Business EditorsNEW YORK--(BUSINESS WIRE)--Aug. 21, 2002 The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. announced today that BNY BNY Bank of New York Asset Management, the Bank's investment management arm, has been awarded a $100 million small cap growth mandate by the Employees Retirement System of Texas. "We are delighted to have been selected by the Employees Retirement System of Texas," said Kevin J. Bannon, executive vice president and chief investment officer at The Bank of New York. "We look forward to working with their team to build value for fund participants and partnering with the retirement system as they seek to maximize the performance of their investment activities. We are committed to meeting the unique needs of our institutional clients by building long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. relationships with them and tailoring portfolios to meet their specific requirements." BNY Asset Management will manage a portion of the small cap allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of the Employees Retirement System of Texas. (Plan assets were $17.7 billion as of June 30, 2002.) Kathy-Ann Reissman, director of investments of the Employees Retirement System of Texas, said, "We chose BNY Asset Management because of its robust proprietary model, its solid decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from process and the way in which it is implemented, as well as experience of the portfolio manager." BNY Asset Management currently manages more than $75 billion in assets and offers a comprehensive range of investment products designed to meet the unique needs of institutions, corporations, not-for-profit organizations, government agencies, and high-net-worth individuals worldwide. With a core investment orientation and a disciplined decision-making approach, BNY Asset Management's seasoned professionals customize portfolios to meet their clients' investment objectives. The Bank of New York, founded in 1784 by Alexander Hamilton, is the nation's oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK), a financial holding company. With over $80 billion in total assets as of June 30, 2002, the Company provides a complete range of banking and other financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com. |
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