Bank of New York Mellon reported net income applicable to common shareholders of $625 million for the first quarter of 2011, up from $559 million a year earlier.

Contributing to this, investment management and performance fees rose 11 per cent year-over-year, to reach $764 million for the quarter. Non-performance fees were $747 million.

The value of both kinds of fees rose, with the increase reflecting higher market values as well as net new business, BNY Mellon said.

Assets under management hit $1.2 trillion as at 31 March 2011, representing an expansion of 11 per cent compared to the same date a year earlier.

At the end of the first quarter the firm’s Tier 1 Capital Ratio was 14 per cent.