While Mellon Financial Corp.s income from continuing operations fell 4.3% to $177 million in 2001, the firms assets under management and investment management fee revenue increased due to growth in its money market and fixed-income funds, the firm announced today.
Assets under management in the firms equity funds fell 13% from $54 billion to $47 billion last year, however total assets under management in the firms mutual funds increased 19.5%. Fixed-income fund assets rose from $21 billion at the end of 2000 to $26 billion at the end of 2001. The majority of the asset growth came from money market funds, which rose from $68 billion to $111 billion, or 63%. Total assets under management, incorporating institutional and private clients, rose roughly 12% to $592 billion.
The firms total investment management fee revenue increased 6% in 2001. Fee revenue from equity funds fell from $331 million in 2000 to $292 million last year. Fee revenue from fixed-income funds, however, increased from $121 million to $134 million, and it increased from money market funds from $179 million to $249 million.