Bank of New York Mellon Corp. reported Tuesday that assets under management and fee revenue rose in the third quarter from a year earlier as earnings improved.
Fee revenue increased 2% to $2.66 billion as net interest revenue declined 0.6% to $718 million. Assets under management increased 18% to $1.141 trillion from a year earlier and 9% from the previous quarter. For the third quarter, net long-term inflows were $11 billion while net short-term inflows were $18 billion during the period.
Overall, BNY Melon reported a profit of $622 million, or 51 cents. In the third quarter of 2009, the company reported a loss of $2.46 billion, or $2.05 a share. That quarter included a loss of $4.8 billion related to investment losses.
Analysts polled by Thomson Reuters most recently expected earnings, excluding charges, of 54 cents.
BNY Mellon has spent the past quarter expanding its wealth management business with a series of strategic hirings nationally.
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