(Reuters) -BNY beat third-quarter profit estimates on Friday, boosted by higher investment services fees as assets under its custody and administration exceeded the $50 trillion mark for the first time.

The Bank Of New York Mellon Corporation (NYSE:BK) shares are trading higher in the premarket session on Friday after its third-quarter results. The finance behemoth reported third-quarter adjusted earnings per share of $1.

BNY Mellon beat third-quarter profit estimates, driven by assets under custody and administration surpassing $50 trillion for the first time. The market rally and new client acquisitions boosted investment services fees,

Bank of New York Mellon (BK), also known as BNY, turned Q3 earnings that topped the Wall Street consensus as fee revenue climbed 5% Y/Y and net interest income rose 3% Y/Y..

The nation’s oldest bank has been aided by a surge in asset values around the world. The S&P 500 Index, for instance, has risen more than 20% since the start of the year alone.

BNY's profit jumped 16% in the third quarter on higher investment services fees as assets under its custody and administration exceeded the $50 trillion mark for the first time, the world's largest custodian bank said on Friday.

It took BNY 240 years to pass $50 trillion in assets under custody and administration, reaching 52.1 trillion as of September 30, according to it’s quarterly report out today, and by doing so became the first bank to cross the milestone.