The Bank of New York completed Tuesday the acquisition of Lynch, Jones & Ryan, Inc., a leading global provider of commission recapture services for the plan sponsor and institutional fund community.
The Bank’s acquisition of LJR, first announced on April 22, builds upon its commitment to expand and strengthen its core capabilities and increase the value it delivers to plan sponsor clients. LJR will operate as a separate broker-dealer subsidiary of BNY Brokerage Inc., a wholly owned subsidiary of the Bank and a member of BNY Securities Group.
Already a provider of commission recapture services, BNY Brokerage is merging its existing commission recapture business with the LJR commission recapture business. The new organization, which will continue to be globally marketed under the LJR brand, has a client base of more than 2,000 funds and more than $3 trillion in assets.
Joseph M. Velli, head of BNY Securities Group and senior executive vice president of The Bank of New York, said, “The LJR acquisition reflects our ongoing commitment to provide the broadest range of services available to plan sponsors worldwide. These complementary capabilities range from the BNY Securities Group’s suite of trading, research, transition management and commission management resources to the Bank’s industry leadership in clearing, custody and foreign exchange.”
Carey S. Pack, president of BNY Brokerage Inc., said, “LJR’s acknowledged market leadership in the commission management space and strong international presence offer the ideal platform for BNY Brokerage to expand its servicing of the European and Asian plan sponsor communities.