BNY Mellon has set a second consecutive record in assets under custody and administration (AuC/A) in Q2, following new wins in its asset servicing business.
The world’s largest global custodian estimated new AuC wins of $152 billion, taking its global AuC to $31.1 trillion. BNY Mellon attributed the 5% growth to higher market values.
Asset servicing fees increased 1% year-on-year to just over $1 billion, “primarily reflecting net new business, including growth of collateral management solutions and higher equity market values,” it stated.
Clearing fees also increased 13% over the year, as did Treasury services fees of 1%, taking its total investment services fees to $1.8 billion.
“We have distinctive capabilities in areas such as collateral management solutions, middle-office outsourcing and liability-driven investments, and made an early commitment to delivering an industry-leading digital investment platform,” said Gerald Hassell, chairman, BNY Mellon.
BNY Mellon also saw growth in its securities lending business, with the value of its securities on loan increasing 21% to $336 million in the quarter.
Total second quarter revenue reached $4 billion, up 5% year-on-year.
The growth in the second quarter reflects stronger securities services revenues across the board, with both JP Morgan and Citi reporting an increase in the business.