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Money Management

BNY Mellon’s assets up 3% for quarter despite no net flows

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Bank of New York Mellon (BK) reported $1.824 trillion in assets under management as of Sept. 30 for its BNY Mellon Investment Management and wealth management businesses, up 3% from three months earlier and up 6% from a year before.

The business saw no net inflows into long-term strategies for the third quarter, compared to net inflows of $3 billion in the second quarter and net inflows of $1 billion in the third quarter of 2016, the company said in its earnings statement Thursday.

Fixed income saw $4 billion in net inflows of for the quarter, while multiasset and alternative strategies saw $3 billion in net inflows. Meanwhile, equities and liability-driven assets both experienced $2 billion in net outflows, while index strategies had $3 billion in net outflows for the quarter.

Broken down by asset class, 35% of assets under management was in LDI as of Sept. 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 $10 billion, compared to net inflows of $11 billion for the previous quarter and net outflows of $1 billion for the third quarter of 2016.

Investment management and performance fees were $901 million for the quarter ended Sept. 30, up 3% from the prior quarter and up 5% from the year-earlier period.

Parent Bank of New York Mellon (BK) reported $32.2 trillion in assets under custody and administration as of Sept. 30, up 4% from three months earlier and up 6% from a year earlier.

Parent company revenue totaled $4.02 billion for the third quarter, up 2% from both the previous quarter and from the third quarter of 2016.

Net income for the parent company was $983 million for the quarter, compared to $926 million for the second quarter and $974 million for the quarter ended Sept. 30, 2016.