BNY Mellon has reported second quarter income from continuing operations applicable to common shareholders of $668m, or $0.55 per common share, compared with $267m, or $0.23 per common share, in the second quarter of 2009.
In the second quarter of 2010, BNY Mellon’s assets under custody and administration amounted to $21.8 trillion, an increase of 6% compared with the prior year.
Assets under management, excluding securities lending assets, amounted to $1 trillion at June 30, 2010. This represents an increase of 13% compared with the prior year. The year-over-year increase was primarily due to the acquisition of Insight Investment Management in the fourth quarter of 2009.
For the second quarter of 2010, securities servicing fees totaled $1.26bn, a decrease of 2% year-over-year. Asset and wealth management fees were $676m in the second quarter of 2010. Adjusted for performance fees and income from consolidated asset management funds, net of non controlling interests, these fees totaled $686m, an increase of 12% compared with the prior year period.
Foreign exchange and other trading activities totaled $220m in the second quarter of 2010 compared with $237m in the prior year period.
Robert Kelly, chairman and CEO of BNY Mellon, said: “Our focus on winning new business and providing exceptional client service resulted in solid growth in securities servicing fees and continued long-term asset inflows for our asset and wealth management businesses. Our conservative risk profile is reflected in our excellent credit quality and strong capital generation.
“We continue to invest in our businesses. We just completed our Global Investment Servicing acquisition and expect to close on the acquisition of BHF’s German asset servicing operation in August. In addition, we received regulatory approval for the opening of our asset management joint venture in Shanghai, expanded our asset management licensing in Korea, and announced our agreement to acquire a wealth management firm in Toronto.”