The Bank of New York Company, Inc.'s Pershing Unit Announces Addition of Wilshire Associates Mutual Funds to No-Transaction-Fee Mutual Fund Program

JERSEY CITY, N.J.--(BUSINESS WIRE)--June 14, 2005--Pershing LLC, a subsidiary of The Bank of New York Company, Inc. and a member of BNY Securities Group, has begun providing its introducing broker-dealer customers and their more than 5 million clients with access to the Wilshire Associates Incorporated family of mutual funds. The mutual funds are offered by Wilshire Funds Management, a business unit of the global investment technology, investment consulting and investment management firm. The funds will be accessible through FundVest(R) Focus, Pershing's no-transaction-fee mutual fund program.

The funds available include Wilshire's Large Company Value Portfolio, Large Company Growth Portfolio, Small Company Value Portfolio, Small Company Growth Portfolio, and the Dow Jones Wilshire 5000 Index Portfolio.

This arrangement builds on the relationship between The Bank of New York and Wilshire Associates. In September 2004, the Bank entered into a strategic alliance with Wilshire Analytics, another business unit of Wilshire Associates, to deliver a comprehensive array of risk management services to a combined base of more than 600 institutional investor clients. In November 2004, BNY Brokerage, a subsidiary of the Bank and member of BNY Securities Group, assumed the client relationships of Wilshire Associates' execution and commission management business.

Ron Fiske, managing director at Pershing, said, "Wilshire is an acknowledged industry leader with a strong foundation in developing investment analytics and research solutions and provides counsel to some of the nation's largest pension plans. The addition of Wilshire Funds to our FundVest program further reinforces our commitment to providing our customers and their clients with best-of-breed financial products and services that help them compete and succeed in today's investing environment."

Pershing LLC is a leading global provider of clearing and financial services outsourcing solutions to more than 1,100 institutional and retail financial organizations and independent investment advisors who collectively represent nearly 6 million individual investors. Located in 22 offices worldwide, Pershing provides customers with innovative technology solutions and a wide range of value-added products and services, including asset-gathering products and managed account services, extensive trading and financing capabilities, and website development. Pershing LLC (member NYSE/NASD/SIPC) is a member of every major U.S. securities exchange and its international affiliates are members of the Frankfurt, Irish, and London Stock Exchanges. Pershing LLC is a member of BNY Securities Group and a subsidiary of The Bank of New York Company, Inc. BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York Company, Inc. BNY Brokerage Inc. is a member of NYSE/NASD/SIPC.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.