AUM at JPMAM jump 1.3% in quarter, 7% in 2012
By Rick Baert | January 16, 2013 1:50 pm
J.P. Morgan Asset Management (JPM) had assets under management of $1.4 trillion as of Dec. 31, up 1.3% from the prior quarter and a 7% increase from a year earlier, according to parent company J.P. Morgan Chase's fourth-quarter earnings report Wednesday.
Net inflows for the quarter were $32 billion — $24 billion to liquidity strategies and $8 billion to long-term fixed income, equity and alternatives strategies. For the year, net inflows totaled $17 billion, with inflows of $60 billion to long-term strategies partially offset by net outflows of $43 billion from liquidity strategies.
Fourth-quarter net income for money management was $483 million, 9% higher than the previous quarter and 60% above the year-earlier quarter. The quarter was the 15th consecutive one with net inflows in money management, Marianne Lake, J.P. Morgan Chase CFO, said in an earnings call with investors.
Net money management revenue totaled $2.753 billion, up 12% for the quarter and 21% higher for the year-ago quarter. The results were driven by higher performance fees and improving markets, Ms. Lake said.