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BNY Mellon investment management hits record high for AUM

Profits upAssets under management for the investment management arm of BNY Mellon reached a record $1.74 trillion (€1.62 trillion) for the first quarter of 2015, an increase of 7% year-over-year and 2% sequentially.

In its first quarterly report of the year, the firm said that the increase primarily resulted from higher equity market values, the acquisition of Cutwater Asset Management in January, and net new business.

The firm’s net long-term inflows for the first three months of the year were $16 billion, led by liability-driven, index and fixed income investments, while short-term inflows were $1 billion.

Revenue for the investment management business was $1 billion, an increase of 4% year-over-year and 1% sequentially.

Overall, BNY Mellon reported first quarter group earnings of $766 million for 2015, with total revenue increasing 6% year over year to $3.9 billion.

Assets under custody and/or administration reached $28.5 trillion, a 2% increase, and the firm reported estimated new custody and administration wins of $131 billion.

Earlier this month, BNY Mellon received a fine of £126 million (€176 million) from the Financial Conduct Authority (FCA), for failing to comply with rules on safeguarding custody assets and client money.

©2015 funds europe