Several money management firms reported assets under management for the third quarter.
• JPMorgan Chase reported $828 billion in assets under management as of Sept. 30, up 6% from the end of the second quarter and a 13% increase from the third quarter 2004, according the company's quarterly filing with the SEC. Of the company's total assets, roughly $479 billion is institutional, up 5.3% from the second quarter and up 12.4% from one year ago. JPMorgan attributed the increases to market appreciation and net asset flows, as well as the acquisition of Highbridge Capital Management.
Overall, JPMorgan reported net revenues of $4.5 billion for the third quarter, up 62% from the previous quarter and up 65% from the year before. Increases were driven largely by higher investment banking and advisory fees, as well as strong trading revenues and higher commissions, according to the filing.
Separately, JPMorgan also announced today that James Dimon, president and COO, will replace William Harrison as CEO at the end of the year, according to a news release. Mr. Dimon will take over for Mr. Harrison six months ahead of schedule, according to the release, which said that the transition was accelerated because JPMorgan's integration with Bank One Corp. is progressing ahead of schedule. Mr. Harrison will remain with JPMorgan as chairman.
• Northern Trust reported $607.4 billion in assets under management as of Sept. 30, up 3% from the previous quarter and up 13.6% from a year ago, according to the company's quarterly filing with the SEC. No reason was offered for the increase.
Overall, Northern Trust reported revenues of $685.2 million for the third quarter, down less than 1% from the previous quarter but up 22.4% over the third quarter 2004. The company attributed the growth to an increase in trust, investment and "other" servicing fees.
• Nuveen Investments reported $128 billion in assets under management as of Sept. 30, an 11.3% increase from Dec. 31 and a 19.6% increase from the same time last year, according to its quarterly earnings release. The company attributed the increase over last year to $15 billion in net inflows and $6 billion in market appreciation. Gross sales for the third quarter totaled $5.9 billion, with managed accounts and institutional separate accounts responsible for 85% of the sales for the three-month period.
Overall, Nuveen reported net income of $43.5 million for the third quarter, up 11% over the third quarter 2004. The spike was attributed to an increase in sales, net flows and advisory fee revenues.
• Deephaven Capital Management, Knight Capital Group Inc.'s asset management unit, had $3.4 billion in assets under management as of Sept. 30, unchanged from the end of the second quarter and down slightly from $3.5 billion from a year earlier, according to the company's third-quarter earnings report.
Deephaven generated $42 million in asset management fees in the third quarter and earned $9.6 million in operating profit. In the second quarter, the unit generated $8 million in fees and lost $500,000, while in the third quarter of 2004, Deephaven earned $6.8 million in fees but posted a $300,000 operating loss.