Bank of New York Mellon reported $1.715 trillion in combined assets under management as of Sept. 30 for its BNY Mellon Investment Management and wealth management businesses, up 3% from three months earlier and up 6% from the year before.
The company said in its earnings statement Thursday that long-term net inflows totaled $1 billion in the third quarter, vs. net outflows of $5 billion in both the second quarter and the third quarter of 2015.
The inflows were driven by net inflows of $4 billion into liability-driven investments and $2 billion in net inflows into alternative investments. Inflows were partially offset by net outflows of $3 billion in equities and net outflows of $2 billion from index investments.
Fixed income saw no net flows in the quarter.
Broken down by asset class, about $600 billion was in LDI as of Sept. 30; $309 billion in index investments; $274 billion in cash; $240 billion in fixed income; $223 billion in equities; and $69 billion in alternatives.
Short-term net outflows for the quarter totaled $1 billion, vs. net inflows of $4 billion for the previous quarter and net outflows of $10 billion for the third quarter of 2015.
Investment management and performance fees were $860 million for the quarter ended Sept. 30, up 4% both from the quarter ended June 30 and also for the same quarter a year ago.
Parent Bank of New York Mellon reported $30.5 trillion in assets under custody and administration as of Sept. 30, up 3% from the previous quarter and up 7% from a year earlier.
Parent company revenue totaled $3.94 billion for the third quarter, up 4% from both the previous quarter and the third quarter of 2015.
Net income for the parent company was $974 million for the third quarter, vs. net income of $825 million for the second quarter and net income of $820 million for the quarter ended Sept. 30, 2015.
