The two largest custody banks, State Street and Bank of New York Mellon, experienced only tepid first-quarter growth in the assets they administer and manage despite the stock market’s strong gain.

BNY Mellon’s assets under administration rose less than 0.5 per cent to $22.4 trillion while State Street’s increased 1.3 per cent to $19 trillion.

Assets under management at BNY Mellon declined almost 1 per cent to $1.1 trillion as State Street’s rose almost 1 per cent to $1.9 trillion.

Both have a significant presence in Ireland.

First-quarter operating earnings increased slightly at State Street to 75 cents a share from 71 cents a year earlier.

BNY Mellon’s income from continuing operations rose to 49 cents a share in the quarter from 31 cents a year earlier. – (Reuters)