Custody surge could be precursor to capital pain

US custody banks State Street and BNY Mellon grew assets under custody and administration (Auca) by $365 billion in the first quarter, bringing their combined total to around $67 trillion – an all time high.

Boston-based State Street increased Auca from $33.1 trillion to $33.3 trillion, or 0.5%, and New York-based BNY Mellon from $33.3 trillion to $33.5 trillion, or 1%.

Year-on-year, Auca growth at State Street and BNY was 11.6% and 9%, respectively.

JP Morgan, the third-largest US custodian,

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