ONE MORE THING:FINANCIAL SERVICES may still be in the doghouse after the latest global scandal, but one sector that continues to hold up better than most of its peers is funds servicing.
The Irish-based industry recently hit a new high of more than €2 trillion in assets under administration and now one of its larger players has reported a boost in profitability for 2011.
According to its most recent accounts, BNY Mellon, which provides fund administration and custody services from its operations in Dublin and Cork, saw pre-tax profits rise by 6.7 per cent to $51.9 million (€41.9 million) in 2011.
In its accounts, the company noted that “despite difficult market conditions”, the business continued to grow at a “satisfactory” rate, with turnover rising by 11 per cent to $237.5 million in the 12 months to December 31st.
Employment at the group remained steady at 1,074, but staff costs rose by 2.3 per cent, up to $95 million.
No dividend was paid to the US parent group, the Bank of New York Mellon Corporation.
