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.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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