Net income and revenues at the investment management arm of BNY Mellon were hit by the unfavorable impact of a strong US dollar in this year's third quarter.

Revenue at BNY Mellon Investment Management was $929 million for the quarter ended Septemner 30, 2015, down by 6 per cent both year-on-year and sequentially.

The yearly fall primarily reflects the unfavorable impact of a stronger US dollar, and both dips also reflect seed capital losses, lower equity market values and net outflows, partially offset by higher net interest revenue, the firm said.

BNY Mellon's investment management business provides investment management services to institutional and retail investors, as well as investment management, wealth and estate planning and private banking solutions to high net worth individuals and families, and foundations and endowments.

Assets under management stood at $1.63 trillion at end-September - unchanged year-over-year and down 4 per cent sequentially. Higher market values, the Cutwater acquisition and net new business offset the unfavorable impact of a stronger US dollar year-on-year, BNY Mellon said. The sequential decrease was primarily due lower equity market values.

Net income before taxes at BNY Mellon Investment Management, excluding amortization of intangible assets, slid 5 per cent year-over-year and 9 per cent on a sequential basis to $237 million.

As a group, BNY Mellon reported third quarter net income applicable to common shareholders of $820 million, or $0.74 per diluted common share, compared to $1.07 billion, or $0.93 per diluted common share, a year ago.