BNY Mellon buys $21.7M in ARS of three funds

The ARS had been bought by three of New York-based BNY Mellon’s funds prior to mid-February, when the market for these debt instruments dried up, according to Fund Action.
DEC 08, 2008
By  Bloomberg
Bank of New York Mellon Corp. will buy $21.7 million in auction rate securities held by three funds, according to a spokeswoman. The ARS had been bought by three of New York-based BNY Mellon’s funds prior to mid-February, when the market for these debt instruments dried up. The three mutual funds were the BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund. In late October, BNY Mellon reached a settlement with the Washington- and New York-based Financial Industry Regulatory Authority Inc. to pay a $250,000 fine for its role in the selling and marketing of ARS (InvestmentNews, Oct. 23). Calls to the Securities and Exchange Commission and BNY Mellon press offices were not immediately returned.

Latest News

Decade of RIA M&A explosion shows no slowdown: Fidelity
Decade of RIA M&A explosion shows no slowdown: Fidelity

There's been an emergence of buyers, backed with PE dollars, making repeated acquisitions.

Spotlighting the Fastest-Growing Fee-Only RIAs in the USA
Spotlighting the Fastest-Growing Fee-Only RIAs in the USA

Discover which fee-only RIAs had standout performances in 2024

Advisor AI startup Zeplyn adds ex-LPL leader Kabir Sethi to board
Advisor AI startup Zeplyn adds ex-LPL leader Kabir Sethi to board

The two-decade veteran, whose career also includes a stint at Merill Lynch, will help shape strategy for the Google engineer-founded fintech.

Proactivity is key to client satisfaction, and it's lagging, survey says
Proactivity is key to client satisfaction, and it's lagging, survey says

A new Hearts & Wallets survey shows financial advisory clients want proactivity, but too often are not getting it.

US wholesale inflation surprises on food, energy prices
US wholesale inflation surprises on food, energy prices

The latest PPI print, clocking in north of 3 percent, adds to concerns that inflation is far from tamed.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.