Investment and Wealth Management profit
Despite some lower fee revenue due to changes in the firm’s investment product mix and flows, the asset and wealth management division’s top and bottom lines expanded in the quarter due to market appreciation and interest gains. The segment generated pretax profit of $90 million on revenue of $825 million for a margin of 11%. Revenue was up 6%, profit soared 43% and margin enlarged by 3 percentage points.
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Remark
In his prepared remarks, McDonogh noted that the company “formed our Wealth Solutions business by realigning Archer Managed Account Solutions” from BNY’s asset servicing business line into Pershing. “This integration further strengthens our capabilities to serve wealth advisors by adding Archer’s market-leading distribution and managed account expertise to deliver fully integrated end-to-end solutions across the entire wealth ecosystem.”
