Assets under management rose 13 per cent year-over-year and 5 per cent sequentially at BNY Mellon, hitting a record $1.4 trillion at September 30, 2012.

The rise in assets was in a context of both rising market values and net inflows, with both long- and short-term inflows at $9 billion for the third quarter.

Investment management and performance fees were $779 million in Q3, up 7 per cent year-over-year and down 2 per cent sequentially, again boosted by rising markets and new business on a yearly basis, the firm said.  

Overall, Bank of New York Mellon reported third quarter net income applicable to common shareholders of $720 million, or $0.61 per common share, up from $651 million, or $0.53 per common share, in the third quarter of 2011.

"We are pleased to report solid earnings growth this quarter, led by the strength of investment management, which recorded its twelfth consecutive quarter of long-term inflows,” said Gerald Hassell, chairman, president and chief executive of the firm.

In other business units, BNY Mellon logged investment services fees of $1.7 billion in Q3, a decrease of 6 per cent year-over-year and an increase of 1 per cent sequentially.

The bank’s assets under custody and administration amounted to $27.9 trillion at September 30, 2012, an increase of 8 per cent compared with the prior year and 3 per cent sequentially.