Other assets



Other assets	Sept. 30,		Dec. 31,
(in millions)	2013		2012
Accounts receivable	$	5,529	$	4,255
Corporate/bank owned life insurance	4,424		4,360
Equity in joint venture and other investments (a)	3,021		2,664
Income taxes receivable	2,399		3,099
Fails to deliver	2,076		1,148
Software	1,210		1,117
Fair value of hedging derivatives	1,187		989
Prepaid pension assets	470		419
Prepaid expenses	438		508
Due from customers on acceptances	211		376
Other	1,736		1,533
Total other assets	$	22,701	$	20,468


(a)	Includes Federal Reserve Bank stock of $440 million and $436 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
	Sept. 30, 2013						Dec. 31, 2012
(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)	$	210	$	27	Monthly-yearly	3-45 days	$	153	$	31	Monthly-yearly	3-45 days
Private equity funds (b)	85		12		N/A	N/A	99		13		N/A	N/A
Total	$	295	$	39			$	252	$	44


(a)	Other funds include various market neutral, leveraged loans, hedge funds, real estate 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.

N/A - Not applicable.