Updated with correction.
Bank of New York Mellon's investment and wealth management unit reported assets under management of $2.27 trillion as of March 31, down 6.9% from three months earlier but up 2.3% from a year earlier, said an earnings release Monday.
BNY Mellon attributed the year-over-year AUM increase primarily to "net inflows and higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar," in the earnings release.
In the first quarter, by asset class, equities, fixed income, and multiasset and alternatives had net outflows of $4 billion, $5 billion and $4 billion, respectively, in the first quarter; while liability-driven investments saw net inflows of $17 billion in quarter, according to a financial supplement to the earnings release.
Index strategies and cash saw net outflows of $5 billion and $11 billion, respectively, in the first quarter, according to the supplement.
Total net outflows amounted to $12 billion in the first quarter, while net market impact and net currency impact added $130 billion and $26 billion, respectively, in net outflows, the supplement added.
For the 12 months ended March 31, net inflows totaled $54 billion, while the net market impact increased assets by $49 billion and the net currency impact led to assets decreasing by $51 billion, according to data in the supplement.
