GLOBAL - The Bank of New York's Asset Management and Private Banking division saw its assets under management increase US$26bn during 2006 to $131bn.
Fees for the division were up 25% in the fourth quarter, ending at $168m, compared to $134m in Q3. Total fees for the for the year came to $569m, representing a 26% increase on the 2005 figure of $452m.
BNY said the increase in Private Banking and Asset Management fees were primarily due to acquisitions and improved performance fees at Ivy Asset Management.
Looking at BNY's overall performance, fourth quarter net income was just under $1.8bn, and net income for the full-year was $3bn.
CEO Thomas Renyi said: "Our strong performance in the fourth quarter caps off a watershed year for the company." Renyi also made mention of the merger with Mellon Financial Corporation, which he said "created a compelling growth story".
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