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BNY Mellon assets up 1.5% in quarter, down 2.1% for year

BNY Mellon

Bank of New York Mellon (BK) reported $1.664 trillion in combined assets under management as of June 30 for its BNY Mellon Investment Management and wealth management businesses, up 1.5% from three months earlier but down 2.1% from the year before.

The company said in its earnings statement Thursday that long-term net outflows totaled $5 billion in the second quarter, driven by $17 billion in net outflows from index investments, and $2 billion each in net outflows from equity and fixed-income strategies. Those were partially offset by $15 billion in net inflows to liability-driven investments and $1 billion to alternatives.

Short-term net inflows totaled $4 billion.

For the previous quarter, long-term net inflows totaled $1 billion and short-term net outflows, $9 billion. In the year-earlier quarter, long-term net outflows were $16 billion, while short-term net outflows totaled $11 billion.

Investment management and performance fees during the quarter ended June 30 totaled $830 million, up 2% from the previous quarter but down 5% from the year-earlier period.

Parent Bank of New York Mellon reported $29.5 trillion in assets under custody and administration as of June 30, up 1% from the previous quarter and up 3% from a year earlier.

Parent company revenue totaled $3.78 billion for the first quarter, up 1% from the previous quarter but down 3% from the second quarter of 2015.

Net income for the parent company was $825 million, up 2.6% from the first quarter. Net income was relatively flat from the same period in 2015, down 0.6% from $830 million.