BNY Mellon Investment Management saw its assets under management increase by 13% year-over-year to $2.31 trillion as of Sept. 30, the parent company Bank of New York Mellon Corp. said in its earnings release on Tuesday.
The increase in year-over-year AUM primarily reflected "higher market values, net inflows and the favorable impact of a weaker U.S. dollar," the bank stated.
However, AUM dipped slightly from $2.32 trillion at the end of second quarter of 2021.
While total net inflows amounted to $14 billion in the third quarter, that figure was partially offset by a $5 billion outflow in long-term equity assets. Liability-driven investment strategies brought in a net $16 billion in net inflows. A negative net currency impact totaled $28 billion during the third quarter.
Combined assets under custody and/or administration increased by 17% year-over-year to $45.3 trillion in the quarter, BNY Mellon said, largely reflecting "higher market values, client inflows and net new business." Assets under custody were up 1% over the quarter.
The asset manager's total revenue increased 12% year-over-year to $1.03 billion in the third quarter. The bank attributed the investment management unit's year-over-year increase in revenue to "higher market values" as well as "equity income, strategic equity investment gains, the favorable impact of a weaker U.S. dollar and higher performance fees, partially offset by higher money market fee waivers." Revenue was up 3.3% from the second quarter.
