BNY Mellon as a whole reported fourth quarter net income applicable to common shareholders of $807 million, down from $1.07 billion in Q3 but up from $513 million a year ago.

Investment management and performance fees were $885 million, a decrease of 2 per cent year-over-year and up slightly sequentially. Both comparisons reflect the unfavourable impact of a stronger US dollar and higher equity market values, BNY Mellon said. The year-over-year decrease also resulted from lower performance fees and the sequential increase also reflects seasonally higher performance fees and net new business, it added.

Assets under custody and/or administration and assets under management of $28.5 trillion rose by 3 per cent year-on-year, primarily reflecting higher market values and net new business, partially offset by the unfavourable impact of a stronger US dollar. AuM totaled a "record" $1.71 trillion, up 8 per cent, driven by higher equity market values and net new business, the firm said.