BNY Brokerage Expands in Boston

NEW YORK, February 1, 2006 - BNY Brokerage Inc., a subsidiary of The Bank of New York and member of BNY Securities Group, has expanded the services offered in its Boston office by adding a new sales trading desk and increasing its Boston-based sales force.

Richard Collett has joined BNY Brokerage as head of sales and trading in Boston. Mr. Collett comes to the firm from Fidelity Capital Markets, where he was responsible for institutional sales and business development. Mr. Collett will be responsible for developing new trading relationships for the firm in the Boston and New England markets.

As part of this effort, BNY Brokerage has also hired Kevin McCarthy and Mark Guarente to serve as senior sales traders in Boston. Mr. McCarthy joins BNY Brokerage from the Boston office of Susquehanna International Group, and Mr. Guarente joins from the Boston office of Fulcrum Global Partners.

BNY Brokerage's expansion follows the Bank's announcement earlier this month that it will open a new office in Boston to serve affluent clients and investment advisors with an array of wealth management services. These affluent clients and advisors are serviced through The Bank of New York Trust Company, N.A.

Carey S. Pack, president of BNY Brokerage, said, "BNY Brokerage considers the institutional community in Boston and New England a highly important market. Expanding our office will extend our commitment to the community and further develop our relationships in the region. We are delighted to have brought aboard Rich, Kevin and Mark - three highly skilled securities professionals who are widely respected by the Boston institutional community. BNY Brokerage is confident that the Boston institutional community will respond enthusiastically to our full range of agency brokerage solutions, which include leading edge execution capabilities,
commission management and independent research."

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