BNY Mellon enjoys seasonally higher sec lending revenue 25 July 2014New York Reporter: Mark Dugdale
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BNY Mellon’s Q2 2014 investment service fees totalled $1.7 billion, a 1 percent increase on the previous quarter, partly thanks to seasonally higher securities lending revenue.
The figure was down 1 percent year-over-year, primarily because of lower depository receipts revenue.
Lower corporate actions and corporate trust revenue attributed to this, as did higher money market fee waivers, which were partially offset by higher asset servicing and clearing services fees.
BNY Mellon’s 1 percent sequential increase primarily reflects seasonally higher securities lending revenue, higher cash management fees, and asset servicing fees due to increased market values.
Gerald Hassell, chairman and CEO of BNY Mellon, commented: “Our asset servicing, clearing and investment management fees grew nicely as we remained sharply focused on our clients' investment needs. Our clients continue to rate us highly in terms of new service offerings and the quality of our capabilities.”
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