June 27, 2011

BNY Mellon Tops $500 Billion in Assets Under Administration in Ireland

 8% growth in year to date*; 50.16% growth since start of 2010

Company believes Ireland will continue to play a strong role in the European funds industry after the introduction of UCITS IV in July

DUBLIN, 27 June 2011 — BNY Mellon Asset Servicing, the world leader in investment services, announced today that it has topped $500 billion in assets under administration (AUA) in Ireland, an increase of 8% since the start of the year* and 50.16% growth since the start of 2010. BNY Mellon, through its subsidiary BNY Mellon Fund Services (Ireland) Limited is the largest fund administrator in Ireland, as ranked by Lipper's Ireland Fund Encyclopaedia (November 2010).

The company cites swelling investor interest in exchange-traded funds (ETFs) and liquidity funds as the two primary drivers behind the growth in demand for its services, with Ireland quickly becoming the centre of excellence for ETFs and administrative services. BNY Mellon is the largest global administrator for ETFs in terms of funds serviced and plan sponsors supported, with in excess of $200 billion AUA.

Further growth in its AUA in Ireland can be attributed to BNY Mellon's acquisition of PNC Global Investment Servicing in July 2010. As well as adding nearly a dozen new clients to BNY Mellon's mutual funds business, the acquisition saw a doubling of BNY Mellon's European Alternative AUA alone, and helped propel BNY Mellon to its rank as the third largest provider of alternative asset services globally.

Looking to the future, BNY Mellon notes that included in the definition of Short Term Money Market funds is the facility to issue a variable NAV. Given the changing regulatory framework globally this may offer alternative solutions for promoters offering liquidity products and as a result, could result in opportunities for fund administrators like BNY Mellon, who specialise in servicing both constant and variable NAV funds.

"Ireland continues to play a very strong role in the European funds industry," said Rachel Turner, Head of BNY Mellon's fund servicing team in Ireland. "Ireland, like other EU fund jurisdictions, is ready for the introduction of UCITS IV in July, which will present opportunities, and we are seeing a lot more QIFs, ETFs and, still, Money Market Funds. We are also seeing a lot more interest from managers in the US and Asia. These positive indicators show that despite the ongoing economic challenges in Ireland, the funds industry continues to flourish."

BNY Mellon opened its first office in Ireland in 1994 and received approval from the Central Bank of Ireland to establish a new bank licensed entity in Ireland in 2009. It currently employs over 1,700 employees in Ireland, located in Cork, Wexford, Navan, and Dublin and offers a broad range of services to traditional and alternative asset managers, banks, pension funds, insurance companies and corporates. In Ireland, BNY Mellon offers a range of services including asset servicing, alternative investment services and corporate trust. Pershing, a subsidiary of BNY Mellon, also has a presence in Ireland.

*As at 30 April 2011

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.

This press release is issued by The Bank of New York Mellon to members of the financial press and media. All information and figures source The Bank of New York Mellon unless otherwise stated as at 31 March 2011. BNY Mellon Fund Services (Ireland) Limited is regulated by the Central Bank of Ireland.