Several money management firms today reported fourth-quarter gains in assets under management in the 5% to 8% range. JPMorgan Chase reported assets under management of $791 billion, including $7 billion from its acquisition last year of a majority stake in Highbridge Capital Management, as of Dec. 31, an 8% increase from $735 billion in the third quarter. Northern Trust reported a record high $572 billion at the end of the fourth quarter, up 7% from the $535 billion at the end of the third quarter. Mellon Financial reported a total of $707 billion assets under management as of Dec. 31, up 6% from the $670 billion as of Sept. 30. Assets under management at BlackRock rose 6% in the fourth quarter to $341.8 billion, from $323.5 billion at the end of the third quarter. At Bank of New York, assets under management reached $102 billion in the fourth quarter, up 5% from $97 billion as of Sept. 30. Most of the firms cited net inflows from new and existing clients as well as higher equity valuations for the increase in assets under management.
"We closed 2004 on a strong note, both in terms of new business and investment performance," Laurence D. Fink, BlackRock chairman and CEO, said in the firm's quarterly earnings news release. "Net new business was positive in each of our institutional client channels and, for the first time, inflows from international clients outpaced inflows from domestic investors for the full year."