Several money management firms reported assets under management and income for the second quarter.
JPMorgan Chase reported $783 billion in assets under management at the end of the second quarter, a 0.9% increase from the first quarter. The firm's institutional assets decreased 1.5% to $455 billion at the end of the second quarter, but revenue from institutional clients increased 30% to $313 million over the first quarter, largely because of JPMorgan's acquisition of Highbridge Capital Management last year. Global equity market appreciation also contributed to the growth, according to the firm's 8-K filed with the SEC.
Overall, the company reported net income of $1 billion for the second quarter, compared with a net loss of $500 million for the first quarter. The filing cited strong results in its card services, treasury and securities services and asset and wealth management business for the growth in income, and added that its investment bank's trading performance for the quarter was "weak," offsetting strong fees generated by the unit.
Northern Trust reported $590 billion in assets under management for the second quarter, a 12% jump from first-quarter levels. The company attributed the increase to more demand for products and services, improved equity markets and new business, according to today's 8-K filing with the SEC.
Northern Trust had overall net income of $150 million in the second quarter, an 8% increase over the first quarter. The growth was driven by trust, investment and other servicing fees, according to the filing.
Bank of New York reported $106 billion in assets under management at the end of the second quarter, a 4% increase from the first quarter. In its 8-K filing with the SEC, the company cited growth in the assets of subsidiary Ivy Asset Management as one reason for the AUM boost in the quarter. It added that fees from its private client and asset management group totaled $122 million for the quarter, an increase of 8% over the second quarter 2004.
Bank of New York also reported second-quarter net income of $398 million, a 5% increase over the first quarter and a 7% increase over the second quarter of 2004. The results "reflect a strong, balanced performance" Thomas A. Renyi, chairman and CEO, said in a release. He added that broad revenue growth and expense control produced the positive results.