US – Three large US securities services specialists, Northern Trust, Mellon Financial and the Bank of New York, have released second quarter assets under custody figures.
Chicago-based Northern Trust said total assets under custody rose 22% to $2.7trn, while assets under management were up 12% at $590bn.
And it added that assets under custody include $1.08trn of global custody assets, an increase of 35%.
Net income rose 15% to $150m while revenues increased 17% to $687.4m. "We are very pleased with this quarter's outstanding performance,” said chairman and chief executive William Osborn.
Pittsburgh-based Mellon said assets under custody rose 20% to $3.43trn. Assets under management were up 9% at $738bn. Net income rose to $203m, from the year-ago period’s $180m.
“Second-quarter results reflect strong growth in our fee-based businesses, principally asset management and asset servicing,” said chairman and CEO Martin McGuinn.
“Institutional asset management benefited from strong new business generation and continued excellent investment performance, a combination that has also resulted in a higher level of performance fees.”
The Bank of New York said assets under custody rose to $10.3trn from $8.7trn a year before, an increase of 18%. The bank said net income rose to $398m from $371m a year before.
“Our results for the quarter reflect a strong, balanced performance – broad-based revenue growth coupled with focused expense control,” said chairman and CEO Thomas Renyi.
He added: “We see significant opportunity to further expand our market share in our core business, Our success in capturing new business over the last six months shows we have the competitive strength and aggressive posture needed to capitalise on every opportunity.”
But the bank said strong securities lending was “offset by the negative impact on global custody of lower transaction volumes in Europe”.