Investment services fees totalled $1.6 billion, an increase of 1 percent year-over-year, but a decrease of 5 percent sequentially. The year-over-year increase was primarily driven by higher asset servicing revenue as a result of net new business, improved market values and higher collateral management revenue, as well as higher volumes in clearing and treasury services.
This increase was partially offset by the impact of the sale of the shareowner services business in Q4 2011 as well as lower depository receipts and corporate trust revenue.
Sequentially, the decrease primarily resulted from a $107 million decrease in depository receipts revenue largely reflecting seasonality and lower securities lending revenue, said the bank. This was partially offset by higher asset servicing revenue that was driven by higher collateral management revenue, and higher clearing and treasury services revenue.