BNY Mellon assets jump 4.6% for quarter
By Rob Kozlowski | October 17, 2012 1:05 pm
Bank of New York Mellon (BK) on Wednesday reported $1.359 trillion in combined assets under management for its BNY Mellon Asset Management and wealth management businesses as of Sept. 30, an increase of 4.6% over the previous quarter and up 13.4% over the year before.
For the third quarter, the rise in assets was split between market-related increases of $42 billion and net inflows of $18 billion, according to the company's third-quarter earnings release.
Investment management-related income before taxes totaled $232 million, up 4% from the previous quarter and up 74.4% from the year before.
For the quarter, revenues from investment management totaled $924 million, up 1.2% from the previous quarter and up 14.4% from the year before.
Assets under custody and administration for the parent company Bank of New York Mellon came to a record $27.9 trillion, up 8% from the previous quarter and 3% higher than the previous year.
Net income for the parent company totaled $750 million, up 51.2% from the previous quarter and up 13% from the previous year.