Sunday, 22nd November 2009

 

18 April 2008 - David Bain

BNY Mellon registers growth in wealth management fees

The New York-based bank said its first-quarter earnings rose 72% to $746m, or 65 cents per share

Bank of New York Mellon said asset and wealth management fees increased 5% to $842m (€529m) in the first quarter, while net interest revenue jumped 39% to $773m, according to a report in the Los Angeles Times.

The New York-based bank said its first-quarter earnings rose 72% due to fee and net interest growth. BNY Mellon said it earned $746m, or 65 cents per share. It earned $434m, or 60 cents per share, during the year-ago period.

Excluding merger costs and other special charges, the bank said it earned 78 cents per share. Analysts expected earnings of 73 cents per share.

Most Read

  1. Colonel Gaddafi's son buys £10m London property
  2. Lombard Odier hires from Coutts
  3. Comment: Prince William seals the ascent of hedge funds
  4. Citi Private Bank poaches senior Merrill executive
  5. How The Rich Are Different: Recession Hits Investment Psyche

Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Diary: Utopia for Yacht Lovers

Looking to get more from your yacht? Why not share it with others?

More from Asset managers

  1. Aberdeen takes control of Horlick's Bramdean
  2. Stanhope Capital grows staff by 50%
  3. Santander merges asset management and private banking
  4. UBS Outlines Path to Profit
  5. McCann spells out UBS wealth plans on investor day debut

Related Content

  1. BNY Mellon boosts family office with appointment
  2. Newton changes tack on investments

2nd Floor, Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU

Tel: +44 (0) 20 7309 7788

Company No 3089347