BNY Mellon, the world’s largest custodian, has revealed a mixed bag of results for the three months to the end of March, with eye-watering declines in foreign exchange trading revenues.

The custodian saw its assets under custody increase by 4% over the year and 3% from the last quarter to $26.6 trillion. But FX trading revenue slumped to $136m in the first quarter, down 21% year-on-year and a fall of 26% from the last quarter.