SSgA, Goldman Sachs and BNY Mellon on Tuesday all reported declines in assets under management in the quarter ended June 30, in part reflecting market depreciation.
SSgA had $1.78 trillion in AUM, down 7.6% from the prior quarter but up 14.5% from the year before, according to a news release announcing parent company State Street Corp.’s latest results.
The decline partly reflects the broad retreat by equity markets during the latest quarter, with leading domestic and international benchmark indexes declining by 11% to 12%.
According to data provided by the firm, SSgA’s equity assets totaled $855 billion, down 10% from the previous quarter. Fixed-income assets slipped 2.4% to $445 billion, and money market and cash holdings dropped 8.2% to $458 billion.
Investment managing fees for the latest quarter came to $217 million, down 4% from the prior quarter but up 12.4% from the year before.
Parent State Street reported net income for the latest quarter of $432 million, down 13% from the prior quarter. For the year-earlier quarter, the company reported a $3.3 billion loss. Revenues came to $2.304 billion, up 0.3% from the prior quarter and up 8.6% from the year before.
Goldman Sachs Asset Management had client assets of $802 billion, down 4.5% from the previous quarter and down 2.1% from the year before.
For the latest quarter, GSAM suffered net outflows of $24 billion, following outflows of $39 billion for the prior quarter and inflows of $6 billion for the year-earlier quarter.
By asset class, money market, equity and fixed-income strategies saw net outflows of $14 billion, $9 billion and $2 billion, respectively. GSAM’s alternative offerings were the only segment to buck the trend, pulling in a net $1 billion.
Market depreciation, meanwhile, shaved another $14 billion from GSAM’s AUM. The previous quarter and the year-earlier quarter saw market-related gains of $8 billion and $42 billion, respectively.
According to parent Goldman Sachs Group Inc.’s latest earnings report, net revenues from asset management for the quarter ended June 30 came to $976 million, up 3.2% from the prior quarter and up 6% from the year before.
Goldman Sachs Group‘s second-quarter profit dropped 82%, missing analysts’ estimates, on a slide in trading revenue.
Net income fell to $613 million, or 78 cents a share, from $3.44 billion, or $4.93, a year earlier, Goldman Sachs said in a statement.
BNY Mellon Asset Management reported assets under management came to $1.047 trillion as of June 30, down 5.2% from the prior quarter but up 13% from the year before.
For the latest quarter, money market outflows of $17 billion more than offset long-term inflows of $12 billion, leaving the firm with net outflows of $5 billion. That was narrower than net outflows of $9 billion for the prior quarter and $19 billion for the year-earlier quarter.
Market depreciation, meanwhile, came to $53 billion for the latest quarter.
Parent Bank of New York Mellon, in its latest earnings report Tuesday, said asset and wealth management fees for the quarter came to $676 million, edging down 0.3% from the prior quarter but up 6% from the year before.
Bank of New York Mellon Corp. said second-quarter earnings more than tripled on higher fees for overseeing and managing investor assets.
Net income climbed to $658 million, or 54 cents a share, from $176 million, or 15 cents a share, a year earlier, BNY Mellon said Tuesday in a statement from New York.
Bloomberg contributed to this report.