Bank of New York Mellon reported $1.625 trillion in combined assets under management as of Sept. 30 for its BNY Mellon Investment Management and wealth management businesses, down 4.4% from three months earlier and flat from a year prior.
In its earnings statement Tuesday, the company said long-term net outflows totaled $5 billion in the third quarter, driven by outflows of $10 billion from index strategies, $4 billion from equities and $3 billion from fixed income. The outflows were partially offset by $11 billion in net inflows in liability-driven investments and $1 billion into alternatives.
Short-term net outflows totaled $10 billion.
For the previous quarter, long-term net outflows totaled $16 billion and short-term net outflows, $11 billion. In the year-earlier quarter, long-term net inflows were $14 billion, while short-term net inflows totaled $18 billion.
Investment management and performance fees during the quarter ended Sept. 30 were $829 million, down 6% from both the previous quarter and the year-earlier period.
Parent Bank of New York Mellon reported $28.5 trillion in assets under custody and administration as of Sept. 30, unchanged from June 30 and up 1% from Sept. 30, 2014.
Parent company revenue came to $3.79 billion for the third quarter, down 2% from the previous quarter and down 18% from the same period a year ago.
Net income for the parent company, meanwhile, came to $820 million for the latest quarter, compared to $830 million in the second quarter and $1.07 billion in the year-earlier quarter.
