BNY Mellon Asset Management reported $926 billion in assets under management as of June 30, up 5.1% from the prior quarter but down 17% from the year before.
The company said in a news release that net outflows of $19 billion for the quarter primarily reflected termination of a single $14 billion assignment that netted BNY Mellon a fee of less than one basis point annually. Spokesman Kevin Heine declined to provide further details about the client.
Outflows from money market funds accounted for the bulk of the remaining outflow, according to the release.
The company reported fees for asset and wealth management of $637 million for the latest quarter, up 3% from the prior quarter but down 26% from the year before. For the latest period, performance fees totaled $26 million, more than triple the prior quarter's $7 million and higher than the year-earlier total of $17 million.