However, the sale is a step by BNY Mellon towards streamlining its asset management business, as it will continue to offer real estate investment options to its institutional clients through its other investment boutiques like Amherst Capital Management. We do not expect the deal to have a material impact on our $54 price estimate for BNY Mellon’s stock. As the world’s largest custody bank, BNY Mellon relies most on its services as a custodian to generate value. However, it is the larger of BNY Mellon’s two major real estate investment boutiques – the other being Amherst Capital Management with $6.3 billion in assets. As you can see by making changes to the chart above, the sale will have negligible impact on BNY Mellon’s total AUM.

Source: Forbes September 21, 2017 17:37 UTC