BNY Mellon's combined AUM/AUC is on the up
19 April 2013 New York
Image: Shutterstock
BNY Mellon’s assets under custody and/or administration amounted to $26.3 trillion at 31 March, an increase of 2 percent over the previous year, but it was unchanged sequentially.
The bank attributed the year-over-year increase to net new business and improved market values, but changes in foreign currency rates did partially offset it.
Sequentially, changes in foreign currency rates offset improved market values, while net new business was flat.
Assets under management amounted to a record $1.4 trillion at March 31, an increase of 9 percent compared with the prior year and 3 percent sequentially.
Both increases primarily resulted from net new business and higher market values. Long-term inflows totalled a record $40 billion and short-term outflows totalled $13 billion for Q1 2013.
Long-term inflows benefited from liability-driven investments as well as equity and fixed income funds.
BNY Mellon’s investment services fees totalled $1.7 billion, an increase of 1 percent year-over-year and 4 percent sequentially.
Both increases were primarily due to higher asset servicing revenue as a result of increased activity with existing clients and improved market values.
The year-over-year increase also reflect higher treasury and clearing services revenue, although these were partially offset by lower issuer services and securities lending revenue.
The sequential increase also reflects higher issuer and clearing services revenue.
Gerald Hassell, chairman and chief executive officer of BNY Mellon, said: "We are pleased to report our fourteenth consecutive quarter of net long-term asset management flows, and continued growth in investment services fees.”
“Investments in our investment management, global collateral services and global markets businesses have positioned us well for future growth, and we remain on track to deliver the savings from our operational excellence initiatives."
The bank attributed the year-over-year increase to net new business and improved market values, but changes in foreign currency rates did partially offset it.
Sequentially, changes in foreign currency rates offset improved market values, while net new business was flat.
Assets under management amounted to a record $1.4 trillion at March 31, an increase of 9 percent compared with the prior year and 3 percent sequentially.
Both increases primarily resulted from net new business and higher market values. Long-term inflows totalled a record $40 billion and short-term outflows totalled $13 billion for Q1 2013.
Long-term inflows benefited from liability-driven investments as well as equity and fixed income funds.
BNY Mellon’s investment services fees totalled $1.7 billion, an increase of 1 percent year-over-year and 4 percent sequentially.
Both increases were primarily due to higher asset servicing revenue as a result of increased activity with existing clients and improved market values.
The year-over-year increase also reflect higher treasury and clearing services revenue, although these were partially offset by lower issuer services and securities lending revenue.
The sequential increase also reflects higher issuer and clearing services revenue.
Gerald Hassell, chairman and chief executive officer of BNY Mellon, said: "We are pleased to report our fourteenth consecutive quarter of net long-term asset management flows, and continued growth in investment services fees.”
“Investments in our investment management, global collateral services and global markets businesses have positioned us well for future growth, and we remain on track to deliver the savings from our operational excellence initiatives."
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
