J.P. Morgan Asset Management (JPM) reported $1.945 trillion in assets under management as of Sept. 30, up 4% from three months earlier and up 10% from a year earlier, said the earnings report Thursday from parent company J.P. Morgan Chase.
The company attributed the year-over-year increase to market returns and inflows into cash and long-term strategies.
JPMAM recorded net inflows of $26 billion in the third quarter vs. net inflows of $2 billion in the second quarter and net inflows of $41 billion in the third quarter of 2016.
Fixed-income strategies accounted for $17 billion in net inflows, while multiasset and alternatives saw $9 billion in net inflows. Liquidity strategies had $5 billion in net inflows. Equity strategies, meanwhile, had $5 billion in net outflows.
Market performance resulted in a $43 billion increase in AUM during the most recent quarter.
In the previous quarter, fixed-income strategies accounted for $2 billion in net inflows, while multiasset and alternatives experienced $10 billion in net inflows. Equity and liquidity strategies had $3 billion and $7 billion, respectively, in net outflows. Market performance accounted for a $33 billion increase in AUM during the three months ended June 30.
Of the overall AUM as of Sept. 30, $921 billion was institutional, $517 billion in retail and $507 billion from private banking clients. Institutional AUM was up 4% from three months earlier and up 7% from a year earlier.
Broken out by asset class, the firm had $638 billion in multiasset and alternatives strategies as of Sept. 30, up 4% from June 30 and up 11% from Sept. 30, 2016; $461 billion in fixed income, up 5% from both three and 12 months earlier; $441 billion in liquidity strategies, up 2% from the end of the previous quarter and up 9% from the end of the year-earlier quarter; and $405 billion in equities, up 4% from three months earlier and up 13% from a year earlier.
Assets under custody for J.P. Morgan were $22.74 trillion as of Sept. 30, up 3% from three months earlier and up 7% from a year earlier.
JPMAM's net revenue was $3.25 billion, up 1% from the second quarter and up 6% from the same period a year prior. Net income was $674 million for the third quarter, up 8% from the previous quarter and up 21% from the year-earlier quarter.