(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.

It took BNY Mellon 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 do so.

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.

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.