Bank of New York Mellon saw fee revenue rise in the fourth quarter while Goldman Sachs saw its profits fall by more than 50 per cent.

The Bank of New York Mellon reported asset and wealth management fee revenue was $800 million in the fourth quarter, up 15 per from the previous quarter and 7 per cent from a year ago.  Adjusted for performance fees and income from consolidated asset management funds, net of non-controlling interests, fees totaled $762 million, an increase of 11 per cent compared with the prior year period and 6 per cent sequentially.  Both increases reflect increased market values and net new business, the bank said.

Total client assets were $166 billion as of December 31, 2010, up 8 per cent, year-over year. The increase reflects market appreciation, the acquisition of I3 Wealth Advisors acquisition and new business.

Overall Bank of New York Mellon reported a profit of $679 million, up from $593 in 2009.

Goldman reported a profit of $2.39 billion, down from $4.95 billion in 2009. Revenue was $8.64 billion down 10 per cent.

Net revenues in investment management were $5.01 billion for 2010, 9 per cent higher than 2009. The increase primarily reflects higher incentive fees across the firm’s alternative investment products, Goldman said. 

Assets under management decreased 4 per cent to $840 billion, primarily reflecting industry-wide outflows in money market assets, the bank said.

Net revenues in investment management were $1.51 billion for the fourth quarter, 14 per cent higher than the fourth quarter of 2009 and 18 per cent higher than the third quarter of 2010.