Note 7 – Other
assets
|
|
|
|
|
|
|
|
|
Other
assets |
|
March 31, |
|
|
Dec. 31, |
|
(in
millions) |
|
2012 |
|
|
2011 |
|
Corporate/bank owned life
insurance
|
|
$ |
4,230 |
|
|
$ |
4,216 |
|
Accounts
receivable
|
|
|
3,801 |
|
|
|
4,208 |
|
Equity in joint ventures
and other investments (a)
|
|
|
2,774 |
|
|
|
2,677 |
|
Income taxes
receivable
|
|
|
2,714 |
|
|
|
2,573 |
|
Fails to deliver
|
|
|
1,157 |
|
|
|
961 |
|
Software
|
|
|
1,019 |
|
|
|
986 |
|
Fair value of hedging
derivatives
|
|
|
1,035 |
|
|
|
1,600 |
|
Prepaid expenses
|
|
|
624 |
|
|
|
784 |
|
Due from customers on
acceptances
|
|
|
300 |
|
|
|
321 |
|
Prepaid pension
assets
|
|
|
160 |
|
|
|
144 |
|
Other
|
|
|
1,619 |
|
|
|
1,369 |
|
Total other
assets
|
|
$ |
19,433 |
|
|
$ |
19,839 |
|
(a) |
Includes Federal Reserve
Bank stock of $432 million and $429 million, respectively, at
cost. |
Seed capital and private
equity investments valued using net asset value per
share
In our Investment
Management business, we manage investment assets, including
equities, fixed income, money market and alternative investment
funds for institutions and other investors; as part of that
activity we make seed capital investments in certain funds. BNY
Mellon also holds private equity investments, which consist of
investments in private equity funds, mezzanine financings and
direct equity investments. Seed capital and private equity
investments are included in other assets. Consistent with our
policy to focus on our core activities, we continue to reduce our
exposure to private equity investments.
The fair value of these
investments has been estimated using the net asset value
(“NAV”) per share of BNY Mellon’s ownership
interest in the funds. The table below presents information about
BNY Mellon’s investments in seed capital and private equity
investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seed capital and private
equity investments valued using NAV – March 31,
2012
|
|
(dollar
amounts
in millions) |
|
Fair
Value |
|
|
Unfunded
commitments |
|
|
Redemption
frequency |
|
|
Redemption
notice
period |
|
Hedge funds (a)
|
|
$ |
16 |
|
|
$ |
- |
|
|
|
Monthly-quarterly |
|
|
|
3-45 days |
|
Private equity funds
(b)
|
|
|
121 |
|
|
|
23 |
|
|
|
N/A |
|
|
|
N/A |
|
Other funds
(c)
|
|
|
76 |
|
|
|
20 |
|
|
|
Monthly-yearly |
|
|
|
(c) |
|
Total
|
|
$ |
213 |
|
|
$ |
43 |
|
|
|
|
|
|
|
|
|
(a) |
Hedge funds include
multi-strategy funds that utilize a variety of investment
strategies and equity long-short hedge funds that include various
funds that invest over both long-term investment and short-term
investment horizons. |
(b) |
Private equity funds
primarily include numerous venture capital funds that invest in
various sectors of the economy. Private equity funds do not have
redemption rights. Distributions from such funds will be received
as the underlying investments in the funds are
liquidated. |
(c) |
Other funds include
various market neutral, leveraged loans, real estate and structured
credit funds. Redemption notice periods vary by
fund. |
N/A – Not applicable.
|