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".
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.