Auxier Focus Fund on Bank of New York Mellon
Thesis
Auxier describes Bank of New York Mellon as an important behind-the-scenes financial infrastructure business with high customer switching costs. The company is investing nearly $4 billion annually in technology and has been an aggressive adopter of digital tools. The fund credits CEO Robin Vince's technology-focused strategy with materially improving the business and contributing to strong shareholder returns since he took over in 2022. BNY Mellon fits the fund's preference for essential infrastructure providers with durable competitive positions.
“Bank of New York Mellon is another behind-the-scenes player with high switching costs at the center of the financial market.”