Bank of New York opens subsidiary in Japan

Bank of New York opened a subsidiary in Tokyo, Bank of New York Securities Co. Japan, to offer commission management and transition management to institutional investors in Japan, confirmed Kevin Heine, spokesman. The subsidiary will also provide global custody, securities lending, offshore fund administration, depository receipt services and other securities services. Takahide Akiyama was named president of the new subsidiary and will retain his current role as the bank's country head of Japan. Sumiko Katsuhara, vice president, will succeed Mr. Akiyama as general manager of Bank of New York's Tokyo branch, according to a news release.