Bank of New York Mellon's investment management and wealth management businesses reported $1.8 trillion in assets under management as of March 31, marking a 6% decline from the previous quarter and a 2.4% decline in assets from the first quarter of 2019, according to parent BNY Mellon's quarterly earnings release issued Thursday.
AUM was down over the year primarily because of the unfavorable impact of a stronger U.S. dollar, principally vs. the British pound, the earnings release said.
Within its investment management business, the firm had $5 billion in net outflows from long-term strategies, compared to $6 billion in net outflows from long-term strategies in the fourth quarter and $2 billion in long-term net outflows during 2019's first quarter .
Including flows from cash, or short-term strategies, net inflows were $38 billion during the first quarter. In the fourth quarter, total net outflows were $13 billion, compared to no net flows in the first quarter of 2019.
Inflows of $43 billion into cash helped to drive much of the net inflows in the first quarter, an earnings supplement showed.
Investment management revenue decreased in the first quarter to $862 million, down 2.4% from the fourth quarter and up 2.5% from the first quarter of 2019.