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Money Management

J.P. Morgan AUM up a bit in quarter, 8.1% for the year ended June 30

J.P. Morgan Asset Management (JPM) reported $2.028 trillion in assets under management as of June 30, up 0.6% from three months earlier and 8.1% higher than a year earlier.

Institutional AUM totaled $937 billion in the latest quarter, down 3.2% from the quarter ended March 31, but up 5.1% from the second quarter of 2017, according to parent J.P. Morgan Chase & Co.'s quarterly earnings statement Friday. Retail AUM was $534 billion and private banking client assets totaled $551 billion.

JPMAM experienced net inflows in the second quarter of $21 billion and performance losses of $9 billion, compared with net outflows of $5 billion and performance losses of $13 billion in the first quarter. Inflows were up a net $2 billion and performance gains were $33 billion the quarter ended June 30, 2017.

"Our asset and wealth management business continued to perform well with positive net long-term and liquidity inflows," said Jamie Dimon, J.P. Morgan Chase's chairman and CEO, in a news release Friday about the firm's second-quarter results.

By strategy, the bank's asset management unit ran $693 billion in multiasset and alternative investments as of June 30, up 1.2% from the three months ended March 31 and up 13% for the year. Net inflows into the asset classes were positive at $9 billion in the second quarter 2018; $16 billion in the prior quarter; and $10 billion in the quarter ended June 30, 2017.

Assets managed in liquidity funds totaled $448 billion as of June 30, up 3.7% during the previous quarter and 3.2% in the second quarter 2017. In the quarter ended June 30, net inflows totaled $17 billion, compared to net outflows of $21 billion in the prior quarter and $7 billion of net outflows in the quarter ended June 30, 2017.

As of June 30, assets managed in equities were $435 billion, up 0.7% from the quarter ended March 31 and up 11.5% from second quarter a year earlier. Equity asset classes had $2 billion of net inflows in the quarter ended June 30 vs. $5 billion in the previous quarter and net outflows of $3 billion in the second quarter of 2013.

JPMAM's fixed-income strategies saw a second quarter of net outflows, with $7 billion in the three months ended June 30 and $5 billion in the previous quarter. Fixed income had net flows of $2 billion in the second quarter of 2017.

Overall, J.P. Morgan Chase had net revenue of $27.75 billion in the second quarter, down 1% from the previous quarter but an 8% increase from the second quarter of 2017. Net income of $8.3 billion was down 5% from the first quarter and up 18% over the year-earlier quarter.

Assets under custody at the end of the second quarter were $24.184 trillion, up 1% from three months earlier and up 9% from a year earlier.