For the quarter ended 31 March 2012, the bank’s asset management and wealth management businesses reported US$1.308 trillion in combined assets under management, up 6.4% compared to the year ago quarter.
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The bank’s wealth management segment ended the quarter with US$176 billion in client assets under management, up from US$168 billion last quarter.
Total fee and other revenue held steady on a year-over-year basis at BNY Mellon at US$2.8 billion. Investment management and performance fees comprised US$745 million of these revenues, down from US$764 million a year earlier.
The bank reported net outflows of US$2 billion, with US$7 billion of net inflows for its long-term strategies.
Commenting on the results, Gerald Hassell, chairman, president and chief executive officer of BNY Mellon, said: "We enjoyed solid sequential growth in investment management and services fees, as we benefited from new business wins and improved equity values. We are seeing the early results of our operational excellence initiatives as we generated significant positive operating leverage relative to the fourth quarter.
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By GlobalData"We are pleased with our performance on the recent regulatory stress test. The results reflect the strength of our business model, the excellent quality of our balance sheet and our continuing ability to return capital to our shareholders while maintaining a very strong capital position," added Hassell.
