Mellon Earnings Rise

The third quarter is in line.
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Mellon (MEL) posted a rise in third-quarter earnings.

The Pittsburgh-based asset manager made $220 million, or 53 cents a share, from continuing operations for the quarter ended Sept. 30, up from the year-ago $195 million, or 46 cents a share. Revenue rose to $1.29 billion from $1.15 billion a year earlier.

Analysts surveyed by Thomson Financial were looking for a 53-cent profit on sales of $1.31 billion.

During the quarter, Mellon announced an agreement to sell its insurance premium financing business and applied discontinued operations accounting to this business.

"Mellon has momentum," said CEO Robert Kelly. "Growth in revenue and earnings is strong with impressive underlying growth in assets under management and assets under custody or administration. It is a testament to the quality of our people and strength of the global markets."