Bank of New York Mellon on Wednesday reported $1.43 trillion in combined assets under management for its BNY Mellon Asset Management and wealth management businesses as of June 30, up less than 1% from the prior quarter but 10% higher than 12 months earlier.
Net new business in the latest quarter was primarily offset by lower fixed-income market values, according to the firm's second-quarter earnings statement.
Net long-term inflows in the latest quarter were $21 billion, down from a record $40 billion in inflows in the first quarter, while net short-term outflows were $1 billion vs. outflows of $13 billion in the previous quarter. BNY Mellon said liability-driven investments, equity and fixed-income funds were among the leaders in long-term second-quarter net inflows.
Parent Bank of New York Mellon reported $26.2 trillion in assets under custody and administration as of June 30, down less than 1% from the first quarter primarily because of lower fixed-income market values. Custody assets were up 4% from 12 months earlier.
Investment management and performance fees for the asset and wealth unit came to $848 million for the latest quarter, up 3% from the prior quarter and up 6% from the year before. The second-quarter increase was powered by net new business and higher equity market values, partially offset by higher money-market fee waivers and the stronger U.S. dollar, according to the earnings statement.
The parent company reported total net income of $833 million for the latest quarter, compared to a net loss of $266 million in the first quarter and net income of $466 million in the second quarter 2012.
Parent company revenue was $4.01 billion, up 11% from both the prior quarter and the second quarter of last year.
