Bank of New York Mellon today reported assets under management of $1.067 trillion as of Sept. 30, down 4% from the previous quarter and off 3.5% from the third quarter 2007.
The decline was attributed to market depreciation and the impact of a strong U.S. dollar, according to a news release.
Third-quarter net asset inflows were $8 billion vs. $13 billion in the second quarter and $29 billion in the year-earlier period, according to a news release from the bank. Asset and wealth management fees totaled $792 million, down from $844 million in the second quarter and off 7% from a year earlier. The drop was attributed to global weakness in market values, partially offset by net inflows of money market assets.
BNY Mellon reported third-quarter net income from continuing operations of $305 million, or 26 cents per share, up slightly from $302 million in the second quarter and down from the $642 million, or 56 cents per share, in the third quarter of 2007.