With more than $1 trillion in assets under management, Bank of New York Mellon ranks among the world's largest asset managers and is the leading global provider of asset services with more than $18 trillion in assets under escrow and custody. It will rank among the top 10 US wealth managers with more than $160 billion in client assets and is a leading provider of US cash management and global payments services. The company has a balanced business structure with diversified revenues and surpluses across the globe, as well as operations in the fast-growing asset management and securities services sectors. The Bank of New York Limited and Mellon Financial Corporation announced plans to merge in December 2002, and shareholders of both companies overwhelmingly approved the deal in May this year. With annual revenues of approximately US$13 billion and a trial market capitalisation of approximately US$50 billion, the company is headquartered in New York and employs a total of 40,000 people worldwide.