Bear Stearns reported $50.2 billion in assets under management as of Aug. 31, up 4.8% from May 31, the end of the company's fiscal second quarter, according to an SEC filing. For the fiscal year, Bear Stearns' assets under management rose 24.6%. Further details were not available in the filing. John Quinn, spokesman, could not immediately be reached for more information.
Overall, Bear Stearns' net revenues in asset management were $104 million for the quarter ended Aug. 31, up 87% from a year ago. The spike was driven by an increase in performance fees, particularly in the firms' proprietary hedge fund strategies, as well as increased management fees across its asset management business.