Bank of New York Mellon reported $1.71 trillion in combined assets under management for its BNY Mellon Investment Management and wealth management businesses as of Dec. 31, up 4% from three months earlier and 8% higher than a year prior, the company reported in its earnings statement Friday.
Long-term net inflows totaled $27 billion: $24 billion in net inflows to liability-driven investments; $4 billion in net inflows to fixed income; $2 billion in net inflows to alternatives; $1 billion in net inflows to index funds; and $4 billion in net outflows to equities.
Short-term (or cash) net inflows totaled $5 billion.
For the previous quarter, long-term net inflows totaled $13 billion and short-term net inflows, $19 billion. In the year-earlier quarter, long-term net inflows totaled $2 billion and short-term net inflows, $6 billion.
Investment management and performance fees during the fourth quarter of 2014 were $885 million, flat from the previous quarter but down 2% from the year-earlier period. The year-over-year decrease reflects the impact of a stronger U.S. dollar and lower performance fees, partially offset by higher equity market values, the earnings statement said.
Parent Bank of New York Mellon reported $28.5 trillion in assets under custody and administration as of Dec. 31, up 0.7% from Sept. 30 and up 3% from Dec. 31, 2013.
Parent company revenue came to $3.69 billion for the fourth quarter, down 20% from the previous quarter but up 2% from the same period a year ago.
Net income for the parent company, meanwhile, came to $855 million for the latest quarter, compared to $1.11 billion in net income in the third quarter and $556 million in the year-earlier quarter.
