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
4. Issuer Services
5. Treasury Services
6. Broker-Dealer & Advisor Services
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
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)
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
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.
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.
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
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
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
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
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
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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
How I got the job?
• NETWORKING, NETWORKING, NETWORKING
• Isenberg Career Fair
• Relationship with recruiter
• “Pleasantly Persistent”
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
Skills Learned (2)
• Financial Skills
Whole range of financial products/vehicles
Repo’s, Derivatives, Asset Backed Securities, CDO’s, FX, Stocks/Bonds, etc.
• Software
SWIFT messaging, EXCEL (lot’s of crazy things), Workbench, Proprietary
Systems (in-house software)
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…