Bank of New York Mellon on Friday reported $1.58 trillion in assets under management as of Dec. 31 for its BNY Mellon Investment Management and wealth management business, up 3% from Sept. 30 and an increase of 14% from a year ago.
The firm attributed the quarterly increase to higher equity market values with the year-over-year increase resulting from both higher equity market values and netting new business.
Long-term net inflows totaled $2 billion for the fourth quarter of 2013, while short-term inflows totaled $6 billion.
"Our investment management business generated $95 billion of net long-term flows for the year and, in investment services, we realized strong fee growth in asset servicing, clearing and issuer services," said BNY Mellon Chairman and CEO Gerald L. Hassell, in a news release.
Parent BNY Mellon reported that assets under custody amounted to $27.6 trillion as of Dec. 31, up 1% from Sept. 30 and 5% from 12 months earlier. Investment management and performance fees were $904 million, up 10% from the prior quarter and 6% from the same quarter a year ago.
Total net income for BNY Mellon was $513 million for the most recent quarter, down from $967 million in the third quarter and $622 million in the fourth quarter 2012.
Parent company revenue was $3.8 billion, flat from the prior quarter and up 6% from the fourth quarter 2012.
