Asset servicing revenue growth for BNY Mellon 23 July 2014New York Reporter: Catherine Van de Stouwe
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BNY Mellon has reported a 3 percent rise in asset servicing revenue with long-term outflows totalling at $13 billion and short-term outflows reaching $18 billion.
Assets under custody and/or administration amounted to $28.5 trillion by 30 June, which signifies and increase of 9 percent from Q2 2013.
Assets under management saw a record $1.64 trillion by 30 June, an increase of 15 percent from the previous year.
BNY Mellon suggests that the increases resulted from higher market values and reflects the impact of a weaker US dollar and net new business.
Gerald L. Hassell, chairman and CEO of BNY Mellon, said: “Our Asset Servicing, Clearing and Investment Management fees grew nicely as we remained sharply focused on our clients' investment needs. Our clients continue to rate us highly in terms of new service offerings and the quality of our capabilities.”
“Since the financial crisis, our strong capital generation has enabled us to more than double our tangible capital, while also reducing our shares outstanding to below pre-crisis levels."
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