Mellon Financial announced Wednesday that its fourth-quarter earnings rose 14% to $237 million, up from $208 million. But investment management fees, primarily from mutual funds and hedge funds, rose 52%.
Among the custody banks, “Mellon has the greatest presence in the asset management business,” Gerard Cassidy, an analyst at RBC Capital Markets told Bloomberg.
Revenue rose 27% in the quarter, to $1.52 billion, while assets under administration or custody rose 15% to $4.5 trillion.
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