Note 7 – Other assets


Other assets	June 30,		Dec. 31,
(in millions)	2012		2011
Accounts receivable	$	4,286	$	4,208
Corporate/bank owned life insurance		4,260		4,216
Equity in joint ventures and other investments (a)		2,748		2,677
Income taxes receivable		2,681		2,573
Fails to deliver		1,277		961
Fair value of hedging derivatives		1,232		1,600
Software		1,046		986
Prepaid expenses		605		784
Due from customers on acceptances		355		321
Prepaid pension assets		176		144
Other		1,089		1,369
Total other assets	$	19,755	$	19,839

(a)

Includes Federal Reserve Bank stock of $434 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


	June 30, 2012									Dec. 31, 2011
(dollar amounts in millions)	Fair value		Unfunded commitments		Redemption Frequency		Redemption notice Period			Fair Value		Unfunded commitments		Redemption frequency		Redemption notice period
Hedge funds (a)	$	16	$	-		Monthly-quarterly		3-45 days		$	9	$	-		Monthly-quarterly		3-45 days
Private equity funds (b)		107		22		N/A		N/A			122		24		N/A		N/A
Other funds (c)		115		18		Monthly-yearly		(c	)		63		-		Monthly-yearly		(c	)
Total	$	238	$	40						$	194	$	24

(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.