Bank of New York Mellon reported a record $1.62 trillion in combined assets under management for its BNY Mellon Investment Management and wealth management businesses as of March 31, up 2% from three months earlier and 14% higher than a year earlier, the company reported in its earnings statement Tuesday.
The increase in AUM resulted from higher market values and net new business, according to the statement.
Long-term net inflows in the latest quarter totaled $21 billion, driven by the continued strong flows of liability-driven investments. Short-term net outflows totaled $7 billion for the first quarter of 2014. For the previous quarter, long-term net inflows totaled $2 billion and short-term net inflows, $6 billion; in the year-earlier quarter, long-term net inflows totaled $40 billion and short-term net outflows, $13 billion.
Investment management and performance fees during the first quarter of 2014 were $843 million, down 7% from the previous quarter but up 3% from the year-earlier period. The year-over-year increase primarily reflects higher equity market values, net new business and higher performance fees, partially offset by higher money market fee waivers.
Parent Bank of New York Mellon reported $27.9 trillion in assets under custody and administration as of March 31, up 1% from Dec. 31 and 6% higher than March 31, 2013.
Net income for the parent company came to $661 million for the latest quarter, compared with $513 million in net income in the fourth quarter and a $266 million loss in the year-earlier quarter.
Parent company revenue, meanwhile, came to $3.627 billion for the first quarter, down 4% from the previous quarter and up 0.4% from the same period a year ago.