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The Bank of New York Mellon

The Bank of New York Mellon. Summer Internship 2007 By: James Kenney Junior, E-Board Member. What is BNY Mellon?. Financial Services giant, operating in 37 countries and over 100 markets, comprised of 6 lines of business 1. Asset Management 2. Asset Servicing 3. Wealth Management

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The Bank of New York Mellon

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  1. The Bank of New York Mellon Summer Internship 2007 By: James Kenney Junior, E-Board Member

  2. What is BNY Mellon? • Financial Services giant, operating in 37 countries and over 100 markets, comprised of 6 lines of business 1. Asset Management 2. Asset Servicing 3. Wealth Management 4. Issuer Services 5. Treasury Services 6. Broker-Dealer & Advisor Services

  3. What is BNY Mellon? (2) • Asset Management • Services both institutional and individual investors through a network of 18 independent boutiques • i.e. The Boston Company, Dreyfus, Standish Mellon • Ranks in the top 10 global asset managers and top 5 in the United States with more than $1 trillion in assets under management

  4. What is BNY Mellon? (3) • Asset Servicing • Complete range of solutions to enhance our client’s investment process, including middle and back office performance and operations • Offers the best technology solutions in the industry, to help clients measure results, and reduce overhead • Trade processing, valuations, corporate actions, derivatives, ETF’s, pooling of assets, FX, ADR’s • Services Investment Managers, Pension Funds, Financial Institutions, Other (corporate trust, collateral debt, broker/dealers)

  5. What is BNY Mellon? (4) • Asset Servicing Rankings • Largest and # 1 ranked global custodian, with over $20 trillion in assets under custody and/or administration • World’s largest securities servicer, # 1 provider of issuer services, # 1 provider of clearing services, # 1 provider of FX globally • Largest global provider of performance measurement and analytics, through Mellon Analytical Solutions

  6. The Bank of New York Mellon Organizational Summary Institutions and Corporations: We help organizations build assets, enhance performance, improve operating efficiency and reduce risk through a wide range of asset management and securities services solutions. Private Clients: For individuals, we offer sophisticated financial solutions, including investment and wealth management, private banking and shareowner services. Consultants and Advisors: We work closely with consultants and advisors to help them select and present the services that best meet the needs of the clients they serve.

  7. My Internship (1) • Interned within Asset Management and Asset Servicing • Floated between the Boston and Everett, MA offices • Fellow intern colleagues were from schools such as GW, Babson, Bentley, BC, Richmond, Villanova, Penn St, VT, Wellesley College, etc.

  8. My Internship (2) • Asset Servicing • Worked in the Transmission Support Unit • Business support team that ensured accurate and timely trade communication between BNY Mellon and our clients (investment managers) • The department maintained, updated, and facilitated the Straight Through Process for SWIFT messaging

  9. My Internship (3) • Asset Servicing • SWIFT messaging is the vehicle by which clients and investment managers communicated their instructions to BNY Mellon systems and how BNY Mellon communicated those instructions out to the market (We took clients instructions and performed them) • Instructions included trades for FX currency, common stocks/bonds, and asset backed securities

  10. My Internship (4) • Asset Servicing • My role in the process was to ensure the way in which clients and I.M.’s sent their transaction instructions was operating correctly and met their business needs • I also assisted the lead Project Manager on the SWIFT SR2007, the annual update/overhaul of the SWIFT message system • To do this, I conducted lot’s of excel analysis projects, collaborated with other financial institutions, helped the Business Analysts and Project Managers put together test plans and system improvements

  11. My Internship (5) • Asset Management • Sat with a trader, fixed income credit analyst, and performed “anything” the P.M. asked of me • Worked with credit analyst in the T.M.T industry • Time Warner, Comcast, NewsCorp • Looked at some equity stocks in the retail industry - Home Depot, Costco, Target

  12. My Internship (6) • Served as Site Captain • Instituted a series of networking events • Hosted weekly “status” meetings for interns • Planned trips, including the aquarium and beach • Editor of Intern Newsletter • Attended weekly meetings to create annual newsletter • Edited and approved articles submitted by fellow interns • Collaborated with corporate affairs to ensure compliance • Winner of newsletter slogan contest

  13. How I got the job? • NETWORKING, NETWORKING, NETWORKING • Isenberg Career Fair • Relationship with recruiter • “Pleasantly Persistent”

  14. Skills Learned (1) • People Skills / Leadership • An Internship is really a 10-12 week interview, had to show managers that I took the initiative and really wanted to work in financial services • Financial services is a people business, it’s not “brain surgery” as many have said • It’s all about showing people/clients how you can help them achieve their goals and ensure them the greatest return on their investment, at the least possible price with the least risk

  15. Skills Learned (2) • Financial Skills Whole range of financial products/vehicles Repo’s, Derivatives, Asset Backed Securities, CDO’s, FX, Stocks/Bonds, etc. • Software SWIFTmessaging, EXCEL (lot’s of crazy things), Workbench, Proprietary Systems (in-house software)

  16. Conclusion • Definitely take part in an Internship, it’s pretty much now a requirement (your summer will be one to remember) • There are UMass Amherst people deeply entrenched within the world’s top financial services organizations; to find them, it’s simply a matter of reaching out and establishing relationships…you never know…

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