SSgA and Northern Trust saw modest gains in assets under management in the first quarter, while assets at BNY Mellon and Goldman Sachs declined, according to company reports issued Tuesday.
SSgA reported $1.929 trillion in assets under management as of March 31, up 0.9% from the previous quarter and up 38.3% from the prior year.
SSgA's investment management fees were $226 million, down 2% from the previous quarter and up 25% from a year earlier.
“Within asset management, net customer cash flows, including customer wins and losses, were modestly negative,” Joseph L. Hooley, State Street's president and CEO, said in a news release.
The report cited higher equity valuations as the reason for the increase in management fees.
“Average month-end equity valuations were up about 42% as measured by the S&P 500 and were up 45% as measured by the MSCI EAFE index,” the news release said.
BNY Mellon reported $1.1 trillion in combined AUM for its institutional and wealth management businesses, down 1% from the previous quarter but up 25% from a year earlier.
“The year-over-year increase was primarily due to the acquisition of Insight Investment Management in the fourth quarter of 2009,” according to the quarterly report. “The sequential decrease primarily reflects outflows of money market assets under management.”
For the quarter, the company reported $16 billion of net long-term asset inflows. Comparison numbers were not provided.
Asset and wealth management fees totaled $696 million, down 5% from the previous quarter and 13% above a year earlier. Excluding performance fees, the asset and wealth management fees increased 1% from Dec. 31 and 12% from the prior year.
“Both increases reflect improved market values, the Insight acquisition and the impact of long-term flows, partially offset by a reduction in fees due to money market outflows and higher fee waivers,” according to the report.
Goldman Sachs Asset Management reported $840 billion in assets, a decline of 3.6% for the quarter and an increase of 8.9% from a year earlier. The quarterly decrease was due to $39 billion of net outflows, primarily in money market assets and $8 billion of market appreciation, primarily in equity assets.
Net revenues from asset management and securities services were $1.34 billion, down 14% from the previous quarter and 8% less than a year earlier.
“Our performance in the first quarter reflects more signs of growth across the economy and the strength of our client franchise,” Lloyd C. Blankfein, chairman and CEO, said in the report. “While we are encouraged by growth prospects for the economy, we continue to put a premium on strong capital and liquidity levels, and disciplined risk management. In light of recent events involving the firm, we appreciate the support of our clients and shareholders, and the dedication and commitment of our people.”
Northern Trust reported $647.3 billion in AUM, up 3% from the previous quarter and 24% higher than a year earlier, according to its quarterly earnings report.
Revenue for the first quarter decreased 4%, to $907.6 million, up 0.37% from a year earlier.
Trust, investment and servicing fees rose 25% from the previous quarter to $515.1 million.
“Although historically low interest rates created challenging headwinds, signs of economic recovery, growth in our client base, and our strong balance sheet and capital levels position Northern Trust for our long term growth,” Frederick H. Waddell, chairman and CEO, said in the company's earnings report.