BNY Mellon's billion-dollar Q3 20 October 2014New York Reporter: Mark Dugdale
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BNY Mellon earned almost $1 billion in asset servicing fees during Q3 2014, an impressive 6 percent higher than 2013.
The year-over-year increase to $998 million in asset servicing, which covers global custody, broker-dealer services and global collateral services, primarily reflects organic growth, higher market values, net new business and higher collateral management fees in its global collateral services business.
Last year, BNY Mellon earned $939 million in asset servicing fees.
Q3 2014 asset servicing fees were also higher than the previous quarter, when the bank earned $993 million, thanks to organic growth, although they were partially offset by seasonally lower securities lending revenue, which contributed $37 million this quarter.
The bank also earned $337 million in clearing services fees in Q3 2014, beating 2013 by 7 percent and the previous quarter by 3 percent.
Both increases were driven by growth in clearing accounts and mutual fund positions, and higher asset levels, reported BNY Mellon. The sequential increase also reflects higher DARTS volume.
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