Bank of New York Mellon said yesterday its adjusted asset and management fees for the second quarter of 2010 stood at $686 million, a rise of 12 per cent on a year before although a 1 per cent fall from the previous quarter.

The year-over-year increase reflects improved market values, the acquisition of the business Insight, and the impact of new business, partially offset by higher fee waivers and a reduction in fees due to money market outflows, BNY Mellon said in a statement on its results.

The US bank, meanwhile, reported second quarter income from continuing operations applicable to common shareholders of $668 million, or $0.55 per common share, compared with $267 million, or $0.23 per common share, in the second quarter of 2009.

Assets under custody and administration amounted to $21.8 trillion at 30 June, 2010, an increase of 6 per cent compared with the prior year.

BNY Mellon has recently voiced its ambition to grow in its domestic US and overseas markets, and has announced a raft of wealth management hires in recent weeks.