GLOBAL - Three of the largest US-based custody banks have reported a surge in assets under management and custody in the first quarter.

Mellon Financial Corp. - in the middle of a merger with rival Bank of New York - said assets under management rose 28% to a record $1.034trn (€758bn) as at the end of March. Assets under custody or administration were up 17% at $4.811trn.

Mellon reported an overall income of $243m, up from $193m a year before.

Chicago-based Northern Trust said assets under custody rose 20% to $3.8trn with global custody assets up 30% to $1.8trn. Assets under management rose 16% to $756bn.

Northern said net income increased 15% to a record $186.7m from the prior year's $163m.

Meanwhile, State Street said total assets under custody at the end of the quarter were up 15% at $12.3trn. Assets under management at its SSGA arm rose 20% to $1.8trn.

Overall, the Boston-based bank reported first-quarter net income per share up 11% at $0.93.

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