Higher investment and asset servicing fees boosted BNY Mellon’s third quarter earnings.

The US custody bank posted revenue of $3.9bn between July and September, an increase of 4%.

Net income over the period totaled $979m which was greater than the $820m achieved in last year’s third quarter.

Asset servicing fees were $1.1bn, a 1% rise year-over-year.

Higher money market fees and $51m of securities lending revenue helped the unit.

A stronger US dollar and downsizing of the UK transfer agency business were negative impacts.

Clearing services fees were $349m, an increase of 1% year-over-year and a slight decrease sequentially.

Investment management and performance fees climbed 4% both on an annual basis and in monthly terms to $860m.

The bank now has $30.5trn of assets under custody/administration after $150bn worth of asset wins in Q3.

“Each of our businesses performed well,” said chairman and chief executive Gerald Hassell.

“We also strengthened our capital ratios  and made progress in our resolution planning to ensure that BNY Mellon can be resolved without posing systemic risk to the financial system.

“We continue to invest in best-in-class technology and data analytics to enhance our clients’ experience with us.”