BNY Mellon logged record-breaking assets under management in the second quarter of 2014 despite a decline in revenue and income.

BNY Mellon logged record-breaking assets under management in the second quarter of 2014 despite a decline in revenue and income.

Its AuM stood at $1.64 trillion, surpassing its previous record figure of $1.58 trillion from December 2013. Its assets under custody and/or administration came in at $28.5 trillion, a 9 per cent year-on-year increase from the second quarter of 2013.

However its revenue slipped to $3.7 billion, a 7 per cent reduction (2 per cent adjusted) from a year ago, while income before taxes fell from $1.22 billion in 2Q13 to $0.81 billion.

BNY Mellon has been going through a streamline reorganization process where it expects to save more than $100 million annually through staff rationalization (on the wealth management side, however, it has been aggressively ramping up its sales force and business development teams).

Investment management fees saw a 5 per cent increase in the past 12 months, with a 3 per cent sequential growth. BNY Mellon attributed this to higher equity market values and the average impact of a weaker US dollar. Its investment service fee income has increased by 3 per cent in the same time frame.