Bank of New York Mellon asset and wealth
management fees have increased 13% year-over-year to $696m for the
first quarter of 2010.
The bank reported $16bn of net long-term asset
inflows in the first quarter of 2010, a 5% drop from the fourth
quarter of 2009.
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Elsewhere, Evercore Partners’ investment
management business reported $5bn of assets under management (AUM)
at the quarter end, up 10% from the fourth quarter of 2009.
This reflected inflows of approximately $0.3bn
and market appreciation of approximately $0.2bn since the fourth
quarter.
Wealth management fees increased dramatically
to $1.9m, up 14% on the fourth quarter of 2009 and increased almost
four times on its 2009 first quarter result.
In an interview with Private Banker International,
Evercore chairman and chief executive Jeffrey Maurer said Evercore
Wealth Management, which makes up part of the group’s investment
management $5bn AuM, has gathered $1.5bn in assets under management
since setting up in November 2008, and has set a target of $5bn by
2015.
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By GlobalDataIn February, Evercore entered into a
definitive agreement to purchase Morse, Williams and Company.
Founded in 1981 as an SEC registered investment advisor, Morse,
Williams & Company manages approximately $190 million for
individual clients, families and related institutions.
