Bank of New York Mellon Corp | 2013 | FY | 3

Other assets 

Other assets
Dec. 31,
(in millions)
2013

 
2012

Corporate/bank owned life insurance
$
4,482

 
$
4,360

Accounts receivable
3,616

 
4,255

Equity in joint venture and other investments (a)
2,996

 
2,664

Income taxes receivable
2,517

 
3,099

Fair value of hedging derivatives
1,282

 
989

Software
1,251

 
1,117

Prepaid pension assets
1,209

 
419

Fails to deliver
864

 
1,148

Prepaid expenses
451

 
508

Due from customers on acceptances
379

 
376

Other
1,313

 
1,533

Total other assets
$
20,360

 
$
20,468


(a)
Includes Federal Reserve Bank stock of $441 million and $436 million, respectively, at cost.

Seed capital and private equity investments valued using net asset value per share

In our Investment Management business, we manage investment assets, including equities, fixed income, money market and alternative investment funds for institutions and other investors. As part of that activity we make seed capital investments in certain funds. BNY Mellon also holds private equity investments, which consist of investments in private equity funds, mezzanine financings and direct equity investments. Seed capital and private equity investments are included in other assets. Consistent with our policy to focus on our core activities, we continue to reduce our exposure to private equity investments.

The fair value of these investments has been estimated using the net asset value (“NAV”) per share of BNY Mellon’s ownership interest in the funds. The table below presents information about BNY Mellon’s investments in seed capital and private equity investments.

Seed capital and private equity investments valued using NAV
 
Dec. 31, 2013
 
Dec. 31, 2012
(dollar amounts in millions)
Fair
value

Unfunded 
commitments
 
Redemption 
frequency
Redemption 
notice period
 
Fair
value

Unfunded
commitments
 
Redemption 
frequency
Redemption 
notice period
Seed capital and other funds (a)
$
275

 
$
23

Monthly-yearly
3-45 days
 
$
153

 
$
31

Monthly-yearly
3-45 days
Private equity funds (b)
86

 
31

N/A
N/A
 
99

 
13

N/A
N/A
Total
$
361

 
$
54

 
 
 
$
252

 
$
44

 
 

(a)
Other funds include various market neutral, leveraged loans, hedge funds, real estate and structured credit funds. Redemption notice periods vary by fund.
(b)
Private equity funds primarily include numerous venture capital funds that invest in various sectors of the economy. Private equity funds do not have redemption rights. Distributions from such funds will be received as the underlying investments in the funds are liquidated.

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