BNY Mellon’s custody increase as easy as 1..2..3

BNY Mellon has reported a 3% increase in assets under custody (AUC) in its 2016 Q2 results.

The results build on the custodian’s 2% increase in its Q1 2016 results and a 1% uptick in Q4 2015.

AUC stood at $29.5 trillion, which the firm has put down to new business higher market values and being offset by the unfavourable impact of a strong US dollar.

Assets under management stood at $1.66 trillion representing a 2% decrease that has been put down to net outflows in 2015 and the unfavourable impact of a stronger U.S dollar against the British pound.

Second quarter earnings stood at $825 million while total revenue stood at $3.78 billion with fee and other revenue decreasing 2% year over year and net interest revenue decreasing 2% year over year.

Some of BNY’s recent mandates include being appointed as fund administrator and custodian for a United Arab Emirates based exchange traded fund as well as by Winterflood Securities to provide US and Canadian securities clearing and custody services.

Last week the firm also signed an agreement with Nomura Asset Management Deutschland to provide fund administration to their German domiciled funds with around €2bn in assets under administration.