Bank of New York Co. Inc. is buying the corporate trust business of AmSouth Bank. Details were not disclosed.
The purchase will give BONY 1,000 bond trustee and agency relationships with Alabama municipalities and corporations, representing $14.5 billion in administered debt.
BONY officials said they intend to open a Birmingham, Ala., office to provide administrative and relationship management services for these businesses.
International Paper Co., Purchase, N.Y., with $4.1 billion in pension assets, hired five money managers to handle its 18% allocation to international equities (developed markets), and Bank of New York to manage an undisclosed amount in currency overlay, said Connie Caperella, director of trust investments. The names of the five equity managers could not be learned.