The country's two largest custody banks said they will keep looking for acquisitions, of whatever size, as they wait for higher interest rates to spur organic growth.

At Bank of New York Mellon Corp., which is coming off two major deals in the past four months, Chief Financial Officer Todd Gibbons said he doesn't see any other major deals on the horizon for the large custody banks. BNY Mellon would consider "geographic or product capability fill-ins," he said in an interview.

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