J.P. Morgan Asset Management (JPM) reported $1.841 trillion in assets under management as of March 31, up 4% from three months earlier and up 10% from March 31, 2016, said the earnings report from parent company J.P. Morgan Chase on Thursday.
The company attributed the year-over-year increase to market returns and inflows into cash and long-term strategies.
JPMAM recorded net inflows of $9 billion in the first quarter vs. net inflows of $14 billion in the fourth quarter and net outflows of $15 billion in the first quarter of 2016.
Liquidity, fixed-income, and multiasset and alternatives strategies accounted for $1 billion, $5 billion and $7 billion, respectively, in net inflows. Equity strategies had $4 billion in net outflows. Market performance resulted in a $61 billion increase in AUM during the three months ended March 31. In the previous quarter, multiasset and alternatives, fixed-income and equities strategies accounted for $3 billion, $6 billion and $12 billion, respectively, in net outflows, while liquidity strategies had $35 billion in net inflows. Market performance resulted in a $15 billion decrease in AUM during the three months ended Dec. 31.Of the overall AUM, $889 billion was institutional, $484 billion in retail and $468 billion from private banking clients. Institutional AUM rose 2% from three months earlier and 11% from a year earlier.
Broken out by asset class, JPMAM had $587 billion in multiasset and alternatives strategies as of March 31, up 4% from Dec. 31 and up 9% from a year earlier; $444 billion in liquidity strategies, up 2% from three months earlier and up 15% from 12 months earlier; $432 billion in fixed income, up 3% from the end of the previous quarter and up 7% from the end of the year-earlier quarter; and $378 billion in equities, up 8% from Dec. 31 and up 9% from March 31, 2016.
JPMAM's net revenue was $3.09 billion, unchanged from the previous quarter and up 4% from the first quarter of 2016. Net income was $385 million for the first quarter, down 34% from both the previous quarter and from the year-earlier quarter.
Assets under custody for the third quarter were $21.38 trillion, up 4% from three months earlier and up 5% from a year earlier.