Bank of New York Mellon (BK) had $1.386 trillion in combined assets under management for its BNY Mellon Asset Management and wealth management businesses as of Dec. 31, up 2% from the prior quarter and 10% higher than a year earlier, the company reported in its earnings statement Wednesday.
The total assets were a record for the company, according to the statement.
Long-term net inflows in the latest quarter totaled $14 billion, benefiting from fixed-income and liability-driven investments. Short-term net inflows were $6 billion.
Investment management and performance fees totaled $853 million, an increase of 9% for the quarter and 17% for the year. Both increases were impacted by the acquisition Oct. 1 of the remaining 50% interest in the West LB-Mellon Asset Management investment boutique joint venture, subsequently renamed Meriten Investment Management. Excluding that, investment management and performance fees increased 8% for the quarter and 15% for the 12 months, driven by higher market values, net new business and higher performance fees. The year-over-year increase also reflects lower money-market fee waivers.
Parent Bank of New York Mellon reported $26.7 trillion in assets under custody and administration as of Dec. 31, up 0.3% from the prior quarter and 8.5% higher than the year-earlier quarter.
Investment management-related income before taxes came to $42 million for the latest quarter, compared to $47 million three months earlier and a $5 million loss for the year-earlier quarter.
Net income for the parent company came to $11 million for the latest quarter, below the $25 million reported in the third quarter but above the $28 million loss in the year-earlier quarter.
Parent company revenue, meanwhile, came to $3.617 billion, 2% higher than three months earlier but down 2% from the fourth quarter of 2011.