The Bank of New York Surpasses $100 Billion in Assets Under Management

    Business Editors/Banking Writers

    NEW YORK--(BUSINESS WIRE)--Feb. 16, 2005--The Bank of New York has topped $100 billion in assets under management as a result of strong growth across a wide range of asset classes, including money market, equity, fixed income and alternative investments.
    BNY Asset Management, the Bank's asset management arm, experienced a 15% increase in assets under management in 2004, increasing from $89 billion to $102.4 billion at year-end. Assets under management in the last three years have increased by $36 billion and have more than doubled since 1998.
    "This marks a major milestone for BNY Asset Management and is reflective of The Bank of New York's commitment to building one of the world's top-tier investment management organizations," said Steven Pisarkiewicz, executive vice president and head of BNY Asset Management. "Our asset growth reflects the broad acceptance of our investment products and services among our institutional and individual client base."
    Pisarkiewicz noted that a strategic broadening of investment choices in recent years has been a significant reason for the firm's asset growth, driven by the acquisitions of Ivy Asset Management, Gannett Welsh & Kotler, and Estabrook Capital Management.
    BNY Asset Management offers corporations, nonprofit organizations and high net-worth individuals and families a broad range of equity, fixed-income and alternative investment products. With more than $100 billion in assets under management, the Bank is one of the largest investment managers in the United States, and, with its affiliates, offers investment services throughout the United States, Europe and Asia.
    The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.

--30--JTP/ny*

CONTACT: The Bank of New York Company, Inc. Kevin Heine, 212-635-1569

KEYWORD: NEW YORK INDUSTRY KEYWORD: BANKING SOURCE: The Bank of New York Company, Inc.

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