20 October 2014
New York
Reporter: Mark Dugdale

BNY Mellon sec lending revenue down seasonally

BNY Mellon’s securities lending revenue decreased to $37 million in Q3 2014.

Q3 2014 securities lending revenue was lower than the previous quarter’s $46 million, but slightly higher than last year’s Q3 figure of $35 million.

The bank includes securities lending revenue in its asset servicing fees, which enjoyed an overall increase to $998 million in Q3 2014.

The 6 percent increase over the same quarter in 2013 primarily reflects organic growth, higher market values, net new business and higher collateral management fees in its global collateral services business.

Last year, BNY Mellon earned $939 million in asset servicing fees.

Q3 2014 asset servicing fees were also higher than the previous quarter, when the bank earned $993 million, thanks to organic growth, although they were partially offset by seasonally lower securities lending revenue.

The bank also earned $337 million in clearing services fees in Q3 2014, beating 2013 by 7 percent and the previous quarter by 3 percent.

Both increases were driven by growth in clearing accounts and mutual fund positions, and higher asset levels, reported BNY Mellon. The sequential increase also reflects higher DARTS volume.

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