Other assets



Other assets	Sept. 30,		Dec. 31,
(in millions)	2014		2013
Corporate/bank owned life insurance	$	4,558	$	4,482
Accounts receivable	4,032		3,616
Fails to deliver	3,311		864
Equity in joint venture and other investments (a)	2,792		3,220
Income taxes receivable	1,516		2,499
Software	1,326		1,251
Prepaid pension assets	1,299		1,209
Fair value of hedging derivatives	777		1,282
Prepaid expenses	401		451
Due from customers on acceptances	54		379
Other	1,457		1,313
Total other assets	$	21,523	$	20,566


(a)	Includes Federal Reserve Bank stock of $446 million and $441 million, respectively, at cost.

Certain 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, small business investment companies (“SBICs”) 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 that are not compliant with the Volcker Rule.

The fair value of certain 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 that have been valued using NAV.



Seed capital and private equity investments valued using NAV
	Sept. 30, 2014							Dec. 31, 2013
(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)	$	335		$	—	Daily-quarterly	0-180 days	$	275		$	23	Monthly-yearly	3-45 days
Private equity investments (b)(c)	31			52		N/A	N/A	86			31		N/A	N/A
Total	$	366		$	52			$	361		$	54


(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.


(c)	Includes investments and unfunded commitments related to SBICs of $16 million and $48 million, respectively, at Sept. 30, 2014 and $7 million and $20 million, respectively, at Dec. 31, 2013.

N/A - Not applicable.