08/06/03
NEW YORK, N.Y., August 6, 2003 - The Bank of New York announced today that Patrick Crowe has been named director of research for BNY Asset Management, the Bank’s investment management division. He will report to Kevin J. Bannon, executive vice president of the Bank, chief investment officer of BNY Asset Management, and chairman of BNY Asset Management’s Investment Policy Committee.
Mr. Crowe succeeds Jerrold Mulder, who will retire effective September 2, 2003, after a 38 year career in investment management.
As director of research, Mr. Crowe will supervise a team of sector specialists covering energy, utilities, financial services, consumer discretionary, consumer staples, technology, basic materials, healthcare, industrials and telecom. He will continue to serve on BNY Asset Management’s Investment Policy Committee.
Mr. Crowe joined BNY Asset Management in 1993 as a vice president in the personal asset management division. In 1994, he moved to family wealth management, where he served as a portfolio manager handling multi-generational relationships and was responsible for assets in excess of $1 billion. In 2001, he was appointed group head for personal asset management, where he has led the investment management process and served as the day-to-day liaison between the group’s portfolio managers and equity research. Prior to joining BNY Asset Management, Mr. Crowe was with National Westminster Bank, where he managed assets for both institutional and individual clients.
Mr. Crowe is a member of the Association for Investment Management and Research and the New York Society of Security Analysts. He has a B.S. from Providence College, an M.B.A. from Seton Hall University, and holds the Chartered Financial Analyst designation.
Mr. Bannon said, "Patrick is an outstanding choice to continue the Bank’s tradition of independent and unbiased fundamental stock research. His existing close relationship with the research team makes him a natural choice for the role. I know Patrick shares our commitment to research, and he will ensure that our portfolio managers have actionable research ideas they can leverage to add value for our clients."
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 $83 billion in assets under management as of June 30, 2003, the Bank is one of the largest investment managers in the United States, and, with its affiliates, offers investment services throughout the United States, London, Hong Kong, and Taipei.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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