Rising interest rates and ongoing cost controls should boost BNY Mellon's profitability.
We have transferred coverage of all three trust banks to a new analyst and have updated our fair value estimates and moat ratings for each firm. After additional analysis, we have maintained our wide moat ratings for all three banks as well as our stable moat trend ratings. The biggest change to our fair value estimates was a 13% increase to the fair value estimate for State Street to $102, while BNY Mellon and Northern Trust were each altered by less than 4%. We view State Street as the most un...Bank of New York Mellon divides its businesses into two business segments, Investment Services and Investment Management. The company also has an Other segment, which includes the leasing portfolio, corporate treasury activities, derivatives and other trading activity, corporate and bank-owned life insurance, renewable energy investments and business exits. The company's two principal United States banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities. The company has four other United States bank and/or trust company subsidiaries concentrating on trust products and services across the United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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