BNY Mellon reported today that its BNY Mellon Asset Management division and its Wealth Management division had a combined $881 billion in assets under management as of March 31, down 5.1% from the prior quarter and off 20% from the year before.
BNY Mellon Asset Managements money management boutiques accounted for the bulk of those assets, with AUM of $815 billion at the end of March, down 5.1% from the prior quarter and down 20% from the year before. Market-related declines accounted for $31 billion of the quarterly declines, with long-term equity and bond funds seeing net outflows of $2 billion and money market funds losing $11 billion.
A news release on first-quarter earnings by parent company BNY Mellon Corp. said those outflows mainly from treasury/government money market funds reflected the historically low level of interest rates during the past quarter.
Institutional client money for the holding companys money management subsidiaries came to $394 billion at quarters end, down 11% from the prior quarter and off 38% from the year before. Mutual fund assets came to $413 billion, up 3.3% from the prior quarter and up 11% from the year before. High-net-worth assets, meanwhile, came to $74 billion, down 11% from the prior quarter and off 23% from the year before.
A BNY Mellon spokesman said net flows into short-term funds, including money market funds, over the past 12 months were largely responsible for the healthy rise in mutual fund assets from the year before.
At the end of the quarter, equity assets accounted for 27% of the groups overall assets, off sharply from 40% the year before, while money market assets stood at 45% of the total, up from 29%. Fixed-income assets edged up to 19% from 18%, while assets in alternative or overlay strategies fell to 9% from 13%.
BNY Mellon reported asset and wealth management fees of $609 million for the latest quarter, down 7% from the prior quarter and off 28% from the year before.