Skip to main content

Market Overview

Activist Takes 1.5% Stake In Bank Of New York Mellon Corp


Bank of New York Mellon Corp (NYSE: BK) spiked briefly Thursday on news that an activist hedge fund took a 1.5 percent stake during the recent quarter.

Richard T. McGuire III's Marcato Capital Management L.P., acquired 17.76 million of the bank's 1.13 billion shares, according to the fund's Form 13F regulatory filing Thursday.

The investment was acquired for $688.1 million, but its dwarfed by the $1.05 billion held by Nelson Peltz's Trian Fund Management LP and disclosed in June.

Peltz, whose investment equaled a 2.5 percent stake in the bank, may demand the spin-off Bank of New York's asset management business, according to a rumor reported last month by Fox Business News.

Peltz is noted recently for his activist stakes in snack makers Mondelēz International, Inc. and PepsiCo, Inc.

Bank of New York traded recently at $39.35, down about 1 percent. Earlier Thursday, it spiked to $39.79.


Related Articles (BK)

View Comments and Join the Discussion!

Posted-In: News Rumors Insider Trades Intraday Update

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at