Custody Banking Fees, Lower Operating Costs Help BNY Mellon Post Strong Q3 Results

Sharp reductions in market valuation across asset classes resulted in a reduction in the size of assets under custody and administration (AUC/A) from the record $28.6 trillion in Q2 2015 to $28.5 trillion this time around. The bank?s investment management arm also saw a reduction in total assets under management due to net outflows and lower valuations to end the period at $1.63 trillion ? marking a decline for the second consecutive quarter from the record high of $1.72 trillion reported in Q1.