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US banks report Q2 AUM, custody figures

US – Some of the largest US banking groups have released their latest assets under management and custody figures today with their second-quarter earnings reports.

Mellon Financial said its assets under management increased 18% to $870bn while assets under custody or administration grew 22% to $4.2trn.

Investment management fee revenue increased 21% to $537m – which reflected “improved equity markets, higher performance fees and net inflows”.

Institutional trust and custody fee revenue, including securities lending revenue, increased 26% to $244m. It said: “The increase reflects the benefit of net new business, the acquisition of Mellon Analytical Solutions, higher earnings from the ABN Amro Mellon and CIBC Mellon joint ventures, higher securities lending revenue and higher equity market levels.”

Overall the Pittsburgh-based company reported income from continuing operations rose to $228m from $203m a year before.

The Bank of New York’s assets under custody rose to $12trn from $10.3trn a year ago. Cross-border assets were up to $4.1trn from $2.9bn. Total assets under management rose to $170bn from $152bn.

Overall the Bank of New York said second-quarter net income was up to $448m from $398m a year before while revenue rose to $1.7bn from $1.5bn.

"This record level of operating results and our strong earnings growth in the second quarter reflect excellent momentum across our businesses," stated chairman and chief executive Thomas Renyi.

Chicago-based Northern Trust said assets under custody rose 17% to $3.2trn, while assets under management were up 9% to $640bn.

Overall net income rose 12% to $167.9m from $150m last year. Revenues were up 15% at $792.3m.

JP Morgan said assets under custody increased 19% to $11.5trn. Assets under supervision rose 11% to $1.2trn. And its assets under management increased 15% to $898bn.

Overall the bank reported second-quarter net income of $3.5bn up from $1bn a year before.

Yesterday State Street said its assets under management had risen 12% to $1.5trn. Total assets under custody rose 13% to $10.9trn.

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