Other Assets (Tables)

3 Months Ended

Mar. 31, 2015



Other assets	March 31,		Dec. 31,
(in millions)	2015		2014
Corporate/bank owned life insurance	$	4,618	$	4,598
Accounts receivable	4,534		4,166
Fails to deliver	3,189		1,351
Equity in joint venture and other investments (a)	3,170		3,287
Income taxes receivable	1,552		2,142
Software	1,332		1,332
Fair value of hedging derivatives	1,038		851
Prepaid pension assets	572		708
Prepaid expenses	478		451
Due from customers on acceptances	304		247
Other	1,528		1,357
Total other assets	$	22,315	$	20,490


(a)	Includes Federal Reserve Bank stock of $448 million and $447 million, respectively, at cost.

Seed Capital and Private Equity Investments Valued Using Net Asset Value

The table below presents information about BNY Mellon’s investments in seed capital and private equity investments that have been valued using NAV.



Seed capital and private equity investments valued using NAV
	March 31, 2015							Dec. 31, 2014
(dollar amounts in millions)	Fair value		Unfunded commitments			Redemption frequency	Redemption notice period	Fair value		Unfunded commitments			Redemption frequency	Redemption notice period
Seed capital and other funds (a)	$	292		$	—	Daily-quarterly	0-180 days	$	307		$	—	Daily-quarterly	0-180 days
Private equity investments (b)(c)	27			56		N/A	N/A	35			45		N/A	N/A
Total	$	319		$	56			$	342		$	45


(a)	Other funds include various leveraged loans, hedge funds and structured credit funds. Redemption notice periods vary by fund.


(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)	Includes investments and unfunded commitments related to SBICs, which are compliant with the Volcker Rule, of $24 million and $56 million, respectively, at March 31, 2015 and $18 million and $45 million, respectively, at Dec. 31, 2014.

N/A - Not applicable.

- Definition

Tabular disclosure of the fair value of investees that calculate net asset value per share (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments), whether measured at fair value on a recurring or nonrecurring basis, by major category of assets and liabilities (as defined), including, for example, (i) fair value measurements at the reporting date, (ii) the level within the fair value hierarchy in which the fair value measurements fall, (iii) a reconciliation of beginning and ending balances for those alternative investments that are measured at fair value using unobservable inputs (Level 3 - fair value hierarchy fair value measurement inputs), (iv) the inputs and valuation techniques used to measure fair value, (v) a discussion of changes to valuation techniques and inputs, if any, during the period, (vi) a description of the nature and risk associated with the alternative investments, and (vii) a discussion of the probability that any of the alternative investments are to be sold.

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