The volatility of global markets due to the eurozone crisis was given as a reason for underperformance by both firms, which reported in yesterday’s US session.
At BNY Mellon, net income was $466m, including a previously announced lawsuit charge of $212m, compared with $619m a year earlier.
Meanwhile, BlackRock saw second-quarter profit of $558m, excluding some one-time charges, compared to $578m in Q2 2011.
Despite investor caution and market turmoil, however, both firms still attracted long-term net inflows.
BlackRock closed the quarter with $3.5trn in AUM, down 3% since the end of the first quarter and year-on-year, which it said was largely driven by $94.7bn of market-related declines across products.
BNY Mellon’s AUM finished the quarter down 1% at $1.3trn, again driven lower by market values, although it said this had been partially offset by long-term inflows of $26bn.
Net inflows into BlackRock’s ETF business iShares was $6.1bn during the period, with demand focused on yield-orientated and fixed income products. But market valuation declines of $32.8bn more than offset inflows and iShares finished the quarter with $644.9bn.