JPMAM assets flat in quarter despite $25 billion net inflows to long-term strategies

JP Morgan Chase sign

J.P. Morgan Asset Management (JPM) reported assets under management of $1.5 trillion as of June 30, relatively flat from the prior quarter and up 9% from the year before, according to parent company J.P. Morgan Chase's second-quarter earnings report issued Friday.

Net inflows in the quarter were $3 billion, with $25 billion in net inflows to long-term products offset by net outflows of $22 billion from liquidity products. For the 12 months ended June 30, net inflows were $67 billion, driven by net inflows of $84 billion to long-term products and net outflows of $17 billion from liquidity products.

Assets under custody were $18.9 trillion, down 2% from the prior quarter, but up 7% from last year.

Net income came to $500 million, up 2.7% from the prior quarter and 28% from the prior year. Revenue of $2.73 billion was up 3% from the last quarter and 15% from the year before.