According to the BNY Mellon Q2 report, assets under custody and administration amounted to USD20.7 trillion, a decrease of 10% compared with 2008.
The report states the year-over-year decrease reflects the impact of new business converted which was more than offset by lower market values.
Assets under management, excluding securities lending assets, amounted to USD926 billion at quarter end. This represents a decrease of 17% compared with the prior year.
However, assets under custody and administration grew 6% compared to Q1 2009.
Securities lending asserts fell by 51% year-on-year, down to USD290 billion.
Fees received also took a big hit. Performance fees from asset and wealth management fell 26% to USD637 million. Securities servicing fees fell 18%.
More positively, BNY Mellon has had a number of mandate wins in recent months. Two appointments in Korea, fund services appointment for Credit Suisse ETFs, and hedge fund wins point towards a encouraging second half of 2009.
BNY Mellon has also repaid the USD3 billion TARP fund.