19/04/2013
One-time loss for BNY Mellon
P { margin-bottom: 0.08in; } Due to a write-down of USD854m due to a ruling on certain foreign tax credits, the Bank of New York Mellon Corporation has posted a loss for first quarter of USD266m, compared with net profits of USD622m in October-December, and USD619m in the corresponding period of last year. However, BNY Mellon is increasing its cash quarterly dividend to 15 cents per share, from 13 cents, for shareholders registered by 29 April.As of 31 March, assets under custody or administration totalled USD26.3trn, as three months previously. That represents an increase of 2% over the USD25.7trn of the end of March 2012. Assets under management, for their part, reached a record total of USD1.429trn, compared with USD1.386trn as of 31 December, and USD1.308trn one month previously. In first quarter, net subscriptions totalled USD40bn for long-term products, while net outflows totalled USD13bn for short-term products. Net inflows to long-term products boosted high demand from investors for liability-driven investments and bond funds.Management and performance commission revenues totalled USD822m, 4% less than in fourth quarter, and 10% more than in January-March 2012. One percentage point of the increase in annual terms is due to the purchase of the remaining 50% stake in Meriten Investment Management (formerly WestLB Mellon Asset Management). The decline compared with the fourth quarter of 2012 is due to a seasonal decline in performance commission revenues, and money market funds fee waivers.
