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  "documentTitle": "The Bank of New York Mellon (BK)",
  "authorId": "07_Marcato",
  "authorName": "Marcato Capital Management",
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  "presentationDate": "2015-03-01 00:00:00",
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  "notes": "Uses a bar chart to highlight the performance gap between BK and a peer.",
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      "kind": "callout",
      "text": "Management pronouncements may help explain inferior AUC/A growth rates but do not explain inferior asset servicing revenue growth rates",
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      "kind": "chart",
      "text": "Asset Servicing Fee Growth %(1)",
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      "text": "BK tells investors to not \"get overly concerned about that new business win rate because less of the business is geared to AUC\"(1) and argues that there has been a \"real shift in non-AUC/A types of businesses\"(2)\nManagement pronouncements may help explain inferior AUC/A growth rates but do not explain inferior asset servicing revenue growth rates",
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      "text": "Asset Servicing Fee Growth: 11%",
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      "text": "get overly concerned about that new business win rate because less of the business is geared to AUC — BNY Mellon Management",
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      "text": "(1) LTM 3Q11 – FY14 total growth. Reflects BK’s reported asset servicing fees less securities lending revenues within Investment Services segment. Reflects STT’s reported servicing fee revenues which excludes securities finance revenues",
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      "text": "BK Has Lost Custody Market Share Under Current Management",
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