Bank of New York Mellon reported $1.639 trillion in combined assets under management as of March 31 for its BNY Mellon Investment Management and wealth management businesses, up 1% from three months earlier but down 5% from a year prior.
The company said in its earnings statement Thursday that long-term net inflows totaled $1 billion in the first quarter, driven by net inflows of $14 billion to liability-driven investments and $1 billion into alternatives. These were partially offset by net outflows of $11 billion from index strategies and net outflows of $3 billion from equities. Fixed income saw no net flows in the first quarter.
Short-term net outflows totaled $9 billion.
For the previous quarter, long-term net outflows totaled $11 billion and short-term net inflows, $2 billion. In the year-earlier quarter, long-term net inflows were $15 billion, while short-term net inflows totaled $1 billion.
Investment management and performance fees during the quarter ended March 31 were $812 million, down 6% from both the previous quarter and also from the year-earlier period.
Parent Bank of New York Mellon reported $29.1 trillion in assets under custody and administration as of March 31, up 1% from Dec. 31 and up 2% from March 31, 2015.
Parent company revenue came to $3.73 billion for the first quarter, flat from the previous quarter but down 2% from the same period a year ago.
Net income for the parent company, meanwhile, came to $804 million for the latest quarter, compared to $637 million in the fourth quarter and $766 million in the first quarter of 2015.