Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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March 1, 2002

BNY ESI's Chief Prepares Assault

By ohn A. Byrne

It is an unmistakable sign that The Bank of New York's brokerage and clearing sector - in a new phase of expansion - will butt heads with two major rivals, Barclays Global Investors and State Street.

Firing on all six of the proverbial cylinders, BONY's banking and clearing sector is marketing a new portfolio rebalancing service for money managers, launching ADR Direct, a platform for trading American Depositary Receipts, integrating G-Trade Services (the wholesale execution services it acquired from Credit Lyonnais), and aborbing Autranet, the agency brokerage previously operated by Credit Suisse First Boston.

Carey Pack, recently promoted from managing director to president of BNY ESI, the bank's agency brokerage subsidiary, identifies Barclays and State Street as his main competition.

Pack says the new-look brokerage and clearing sector will reduce costs and provide its 750 institutional clients with an expanded range of products. "The portfolio rebalancing business is ripe for growth," Pack told Traders Magazine. "More plan sponsors are looking for professionals like us. [Some] money managers don't have the best interests of the sponsors at heart. We're a major custodian and well positioned,"