BNY Mellon logged investment management and performance fees of $853 million in the fourth quarter of 2012, up 17 per cent year-over-year and 9 per cent sequentially. For the full year, these fees amounted to $3.17 billion, compared to $3 billion in 2011.

Quarterly fee comparisons were positively impacted by the acquisition of a remaining 50 per cent stake in the firm’s West LB Mellon Asset Management joint venture, which was subsequently renamed Meriten Investment Management.

Assets under management rose 2 per cent sequentially at BNY Mellon, to $1.4 trillion at the end of 2012. These were up 10 per cent year-over-year, with both increases due primarily to rising market values and net new business. In the fourth quarter, long-term inflows were $14 billion, offsetting outflows from short-term products of $6 billion.

Overall, the Bank of New York Mellon reported Q4 net income applicable to common shareholders of $622 million, down from $720 million in the previous quarter and up from $505 million in Q4 2011.

For the full year, net income applicable to common shareholders was $2.43 billion, or $2.03 per diluted common share, compared with $2.52 billion, or $2.03 per diluted common share, in 2011.

In other business units, investment services fees were $1.6 billion in the fourth quarter, an increase of 1 per cent year-over-year and a decrease of 5 per cent sequentially. 

The bank’s assets under custody and administration were $26.7 trillion at end-December 2012, an increase of 9 per cent compared with the prior year and $100 billion sequentially.