The world’s second largest custodian has hailed its "continued resilience" after assets under management grew 8%, although revenues and net profits both fell in the third quarter.

Total revenues fell 3.2% from the second quarter to $2.3bn for the three months to the end of September. They were down 2.7% compared with the same period last year. Net profit fell 4.3% to $473m, compared with the second quarter. Profit was down 0.6% from a year earlier.