PNC Bank's asset management business posted a difficult second quarter, according to the bank's latest financial results released on Friday.
PNC's asset management group, which provides personal wealth management for high-net-worth and ultrahigh-net-worth clients, generated $377 million in second-quarter revenue, down 9.4% year-over-year. Revenue was also off for the first six months of 2016, dipping 9.3% to $718 million from $792 million a year ago.
PNC attributed the decline to a $30 million trust settlement reached in the second quarter of 2015, which boosted PNC's revenue that quarter.
Second-quarter profits also fell, diving 22.5% to $48 million from $62 million a year ago. For the first six months, the asset management group earned $97 million, slipping 2% year-over-year.
At the end of the second quarter, the group had $135 billion in assets under management, unchanged from the same period last year.
PNC's brokerage business, in contrast, posted a robust second quarter, with revenue jumping 4.2% to $74 million from $71 million a year ago. For the first half of 2016, the brokerage business generated $149 million, up 7.9% year-over-year.
Client assets in brokerage accounts totaled $44 billion at the end of the second quarter, unchanged year-over-year but up 2% from the prior quarter.
Read more: PNC names new chief investment officer
Overall, PNC's parent company earned $989 million, or $1.82 per diluted common share, in the second quarter, compared with $1 billion, or $1.88 per diluted common share, in the same quarter of 2015.
"We had a good second quarter against a backdrop of global uncertainty," William Demchak, chairman, president and CEO of PNC, said in a statement. "We grew fee income, along with average loans and deposits, and we announced plans to return additional capital to our shareholders in the coming year."
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