Bank of New York Mellon trims holding in embattled Chorus

Thu, 05 Dec 2013

By Tina Morrison Dec. 6 (BusinessDesk) - Bank of New York Mellon Corp, which has US$1.5 trillion of assets under management, has reduced its holding in Chorus after the telecommunications network company said it would be hurt by the regulator’s decision to lower the price it can charge retailers for its copper-based broadband service. New York-based BNY Mellon, which is also the world’s largest custody bank with US$27.4 trillion in assets under custody, reduced its holding in Chorus to 6.3 percent from 7.45 percent on Dec. 4, according to a...

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