BOSTON Feb 14 Activist hedge fund Marcato
Capital Management, which has called for cost cuts at Bank of
New York Mellon for years, exited its position in the
fourth quarter, according to a regulatory filing made on
The San Francisco-based hedge fund, run by Mick McGuire,
sold 2.9 million shares some time in the last three months of
the year, the so-called 13-F filing showed. It was a roughly 10
percent position for the fund.
Bank of New York Mellon, like many other financial shares,
got a boost in November from the unexpected election of Donald
Trump to the White House. The shares traded as high as $49.17 in
November amid speculation that interest rates would start rising
again and help banks earn more.
Marcato bought Bank of New York Mellon shares when they were
trading in the low $30 range.
A representative for Marcato declined to comment.
Marcato had been especially critical of Bank of New York
Mellon's management, including Chief Executive Officer Gerald
Hassell. The bank had invited activist fund Trian Fund
Management, which is significantly larger than Marcato, to join
its board in late 2014, avoiding a potentially bitter proxy
(Reporting by Svea Herbst-Bayliss; Editing by Tom Brown)