Bank of New York Mellon reported a record $1.429 trillion in combined assets under management for its BNY Mellon Asset Management and wealth management businesses as of March 31, up 3% from the prior quarter and 9% higher than the year before, according to its first-quarter earnings statement issued Wednesday.
Net long-term inflows in the latest quarter were a record for the firm at $40 billion, benefiting from liability-driven investments as well as equity and fixed-income funds, although BNY Mellon also reported net short-term outflows of $13 billion for the quarter. In the fourth quarter, net long-term inflows were $14 billion and net short-term inflows were $6 billion.
Parent Bank of New York Mellon reported $26.3 trillion in assets under custody and administration as of March 31, unchanged from the prior quarter as improved market values were offset by the impact of changes in foreign currency rates, while net new business was flat. Custody assets were up 2% from the year-earlier quarter.
Investment management and performance fees for the asset and wealth unit came to $822 million for the latest quarter, down 4% from the prior quarter and up 10% from the year before.
The parent company reported a loss of $237 million for the latest quarter, compared to net income of $646 million in the first quarter and $631 million from the year before.
Parent company revenue, meanwhile, came to $3.613 billion, down 1% from the prior quarter and unchanged from the year before.
“We are pleased to report our 14th consecutive quarter of net long-term asset management (inflows), and continued growth in investment services fees,” Gerald L. Hassell, chairman and CEO of Bank of New York Mellon, said in a news release on the earnings.