Bank of America (BoA) Merrill Lynch’s global
wealth and investment management net income rose to $497m for the
first quarter of 2010, driven mainly by higher investment and
brokerage activity.

Assets under management (AuM) at BoA,
which does not include client brokerage assets, increased
almost 8% to $751bn compared to the first quarter of 2009, it
said.

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Total BoA net client assets, defined as AuM,
client brokerage assets, other assets in custody and client
deposits was $2.18trn at 31 March 2010, an increase of $196bn from
31 March last year.

Elsewhere, Citigroup reported private bank
revenues of $494m for the first quarter of 2010, down $67m or 12
percent from the fourth quarter of 2009.

 

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