Bank of New York Mellon reported $1.299 trillion in combined assets under management for its BNY Mellon Asset Management and wealth management businesses as of June 30, down 0.7% from the prior quarter but up 2% from the year before.
For the latest quarter, market-related declines of $21 billion more than offset net inflows of $12 billion.
Net inflows for long-term equity, fixed-income and alternatives strategies managed by the company's money management affiliates came to $26 billion for the latest quarter, up from $7 billion for the prior quarter but down from a record $32 billion for the year-earlier quarter.
The latest inflows were partially offset by $14 billion of outflows from money market offerings.
Parent Bank of New York Mellon reported a record $27.1 trillion in assets under custody and administration as of June 30, up 1.9% from the prior quarter and up 3% from the year-earlier quarter.
Investment management-related income before taxes came to $223 million for the latest quarter, down 7.1% from the prior quarter but up 3.7% from the year before.
Investment management-related revenues for the quarter came to $913 million, up 0.4% from the prior quarter and 0.3% higher than the year before.
Net income for the parent company came to $466 million for the latest quarter, down 25% from the prior quarter after accounting for a $212 million litigation charge related to the company's shareholder services business and off 37% from the year before.
Parent company revenue, meanwhile, came to $3.62 billion, down 0.8% from the prior quarter and off 6.1% from the year before.