“At closing, we expect that this sale will increase the firm's CET1 capital by about $0.5 billion and it will free up seed capital to help accelerate our strategy of developing new, differentiated solutions from our specialist investment firms that meet the evolving needs of our clients.”

In context

“l quality in LDI for the 12th year in a row and was ranked first for fixed income overall quality with UK consultants. And BOLD, which is the new cash management fund share class launched to help investors make a positive direct social impact, raised another $2 billion in the quarter, bringing total AUM to over $3 billion in just four months. As most of you saw, we also announced the sale of Alcentra to Franklin Templeton at the end of May. This transaction, which is expected to close in the first quarter of 2023, builds upon our strategic relationship with Franklin Templeton as we will continue to offer Alcentra’s capabilities in BNY Mellon's sub-advised funds and in select regions via our global distribution platform. We will also provide Alcentra with ongoing Asset Servicing support. At closing, we expect that this sale will increase the firm's CET1 capital by about $0.5 billion and it will free up seed capital to help accelerate our strategy of developing new, differentiated solutions from our specialist investment firms that meet the evolving needs of our clients. And finally, Wealth management continued to execute against its three-pronged strategy: acquiring more client relationships in the ultra high net worth and family office segments, deepening banking relationships and investing in technology and driving efficiency. As we engage with our clients in this space, we continue to lead with some of the most innovative digital capabilities in the industry. For a second consecutive year, the Financial Times named BNY Mellon the Best Private Bank for Digital Wealth Planning, North America, recognizing our wealth online client portal and our proprietary goals-based planning tool advice path. And the Family Wealth Report recognized our active wealth accelerator as the best customer-facing digital platform. Turning to capital. Despite the significant he”