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April 20, 2010 at 08:00 PM
The Bank of New York Mellon (BNY Mellon) on Tuesday, April 20, said profit in the first quarter soared 74%, as its asset and wealth management businesses benefited from a resurgent market.
The bank’s profit rose to $601 million, or 49 cents per share, compared with the same quarter a year earlier of $363 million, or 31 cents per share.
BNY Mellon’s asset and wealth management fees rose 13%, to $696 million, over the same quarter last year. Assets under management (AUM) rose 25%, to $1.1 trillion.
The bank’s Clearing Services division, which provides clearing, financing, and custody services for broker/dealers and RIAs, saw a drop of 27% in pretax income to $105 million on a 9% drop in total revenue to $366 million from 2009′s first quarter.
