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Thursday, November 13, 2014

Activist hedge fund Marcato takes stake in BNY Mellon-filing, (NYSE: BK)

Hedge fund Marcato Capital Management has bought a 1.6 percent stake in the Bank of New York Mellon, becoming the second prominent activist investor in recent months to disclose a position in the world's largest custody bank, according to a regulatory filing.San Francisco-based Marcato's stake is valued at $688 million, making it the biggest position of the $3 billion firm, according to the filing, which details holdings at the end of the third quarter.Marcato's announcement comes just months after activist investor Nelson Peltz' Trian Partners said in June that it had taken a position valued at $1.05 billion stake in the company and wanted to talk to management about improving shareholder value.BNY Mellon's management has been criticized by analysts and some investors for a lagging stock performance and rising operating expenses.

The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. Shares of BK fell by 1.06% or $-0.42/share to $39.32. In the past year, the shares have traded as low as $30.82 and as high as $40.80. On average, 5122270 shares of BK exchange hands on a given day and today's volume is recorded at 2871796.