Foreign currency to thank for BNY Mellon’s AUC growth
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Foreign currency to thank for BNY Mellon’s AUC growth 21 October 2013New York Reporter: Georgina Lavers
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BNY Mellon recorded a 4 percent increase in assets under custody year-on-year for Q3 2013.
Assets under custody and/or administration amounted to $27.4 trillion at 30 September 2013, an increase of 4 percent compared with the prior year and 5 percent sequentially.
The year-on-year increase was primarily driven by higher market values and net new business, while the sequential increase primarily reflects higher market values and the positive impact of foreign currency rates, said the custody bank. ?
Investment services fees totalled $1.7 billion, an increase again of 4 percent year-on-year, but unchanged sequentially.
The year-on-year increase primarily reflects higher clearing services fees driven by higher mutual fund and asset-based fees and volumes, higher asset servicing revenue resulting from higher market values, and higher issuer services revenue driven by higher depository receipts revenue.
Sequentially, higher issuer services revenue driven by seasonally higher depository receipts revenue was offset by a seasonal decrease in securities lending revenue, lower activity and lower expense reimbursements.
Additionally, higher money market fee waivers decreased investment services revenue both year-on-year and sequentially.
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