Bank of New York Mellon's investment and wealth management unit reported $2 trillion in assets under management as of Dec. 31, up 3% year-over-year but down 5% from the previous quarter.
The year-over-year increase primarily reflected “higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar,” according to a Jan. 15 earnings release.
“We accelerated the pace of our ongoing transformation in 2024 through consistent execution against our strategic pillars,” said Robin Vince, president and CEO, in the firm’s release. “We launched a new commercial coverage model, developed new products and solutions for our clients, completed a brand refresh, announced and closed our first acquisition in several years, and commenced the phased transition to our strategic platforms operating model.”
BNY Mellon acquired Archer Holdco, a service provider of managed account solutions to the asset and wealth management industry, in 2024.
BNY posted total net outflows of $15 billion during the fourth quarter in its investment and wealth management unit following a flat third quarter.
By asset type, cash posted net inflows of $12 billion during the fourth quarter. Meanwhile liability-driven investments led net outflows at $11 billion, followed by index products with $7 billion, equity with $5 billion and fixed income and multi-asset and alternative investments each seeing $2 billion in net outflows.
Total revenue of the unit in the fourth quarter was $873 million, a 29% year-over-year increase. Investment management generated $585 million in net revenue during the fourth quarter while wealth management generated $288 million.