In a press release titled, "BNY Mellon Reports First Quarter Continuing EPS of $0.49 or $601 Million, the company says, "The Bank of New York Mellon Corporation today reported first quarter income from continuing operations applicable to common shareholders of $601 million, or $0.49 per common share, compared with $363 million, or $0.31 per common share, in the first quarter of 2009 and $712 million, or $0.59 per common share, in the fourth quarter of 2009." BNY Mellon hosts a conference call this morning at 8am.
Robert P. Kelly, chairman and chief executive officer, says, "The economic outlook is clearly improving as demonstrated by the performance of the equity and credit markets. Persistent low interest rates globally continue to be a challenge, but our focus on winning new business together with well-controlled expenses resulted in positive operating leverage. We continue to reinvest in our businesses, and during the quarter announced two important asset servicing acquisitions. Both are expected to be immediately accretive to earnings and close in the third quarter."
The company release, which doesn't quantify and barely discusses money fund fee waivers, says, "Assets under custody and administration amounted to $22.4 trillion at March 31, 2010, an increase of 15% compared with the prior year and flat sequentially. The year-over-year increase reflects higher market values and new business. Assets under management, excluding securities lending assets, amounted to $1.1 trillion at March 31, 2010. This represents an increase of 25% compared with the prior year and a 1% sequential decrease. The year-over-year increase was primarily due to the acquisition of Insight Investment Management in the fourth quarter of 2009. The sequential decrease primarily reflects outflows of money market assets under management."
Crane Data's monthly Money Fund Intelligence XLS shows BNY Mellon's Dreyfus unit as the 4th largest manager of U.S. money funds with $184.5 billion. Dreyfus experienced asset declines in-line with money funds overall over the past year according to our statistics. The manager lost $53.1 billion, or 22.3%, over the past 12 months, almost exactly equal to the decline 22.2% ($800.2 billion) for the overall money fund universe.
Dreyfus ranks behind Federated's $231.7 billion and ahead of BlackRock's $184.1 billion. (Federated Investors reports earnings on Thursday, April 22 after the market closes, and will have its conference call on Friday a.m. BlackRock will report its earnings on Monday, April 26 before the market opens.)
