Bank of New York Mellon (BK) reported $1.771 trillion in assets under management as of June 30 for its BNY Mellon Investment Management and wealth management businesses, up 3% from three months earlier and up 6% from a year before.
Net inflows into long-term strategies were $3 billion for the second quarter, compared to net inflows of $14 billion in the first quarter and net outflows of $5 billion in the second quarter of 2016, the company said in its earnings statement Thursday.
The flows were driven by net inflows of $15 billion in liability-driven investments, $2 billion in fixed income, and $1 billion in multiasset and alternative investments. Those figures were partially offset by net outflows of $2 billion from equities and $13 billion from index investments.
Broken down by asset class, 35% of assets under management was in LDI as of June 30, 18% in index investments, 16% in cash, 11% each in fixed income and alternatives, and 9% in equities.
Short-term strategy net inflows for the quarter totaled $11 billion, compared to net inflows of $13 billion for the previous quarter and net inflows of $4 billion for the second quarter of 2016.
Investment management and performance fees were $879 million for the quarter ended June 30, up 4% from the prior quarter and up 6% from the year-earlier period.
Parent Bank of New York Mellon reported $31.1 trillion in assets under custody and administration as of June 30, up 2% from three months earlier and up 5% from a year earlier.
Parent company revenue totaled $3.96 billion for the second quarter, up 3% from the previous quarter and up 5% from the second quarter of 2016.
Net income for the parent company was $926 million for the quarter, compared to $880 million for the first quarter and $825 million for the quarter ended June 30, 2016.