Several money managers reported third-quarter assets under management.
• JPMorgan Chase reported $935 billion, up 4.1% from the second quarter and up 13% from Sept. 30, 2005, according to a company filing earlier today. The filing attributed the increase to market appreciation, a spike in institutional flows into liquidity products and an uptick in inflows to both its retail and third-party distribution businesses, mostly in equity products.
Overall, JPMorgan Chase reported net income of $3.3 billion during the third quarter, a roughly 7% decrease from the previous quarter and a 31% increase from the same time last year. The quarterly decrease was due to higher compensation expenses and a higher provision for credit losses, which were largely offset by new revenues.
• Mellon Financial reported $918 billion, up 5.5% from the previous quarter and up 20% from the year before. The gain was helped by net inflows of $32 billion but didn't include the more than $28 billion managed by Walter Scott & Partners, the firm's latest money management acquisition, which closed on Oct. 2.
Included in the total was $748 billion in assets managed by Mellon Asset Management, the holding company for Mellon's institutional and retail-oriented money management boutiques. The 5.6% increase over the previous quarter was helped by inflows of $6 billion into long-term equity and fixed-income strategies and $19 billion into money market strategies.
For the latest quarter, investment management fee revenue came to $574 million, up 6.9% from the previous quarter and up 20% from the year before. Mellon reported a third-quarter jump in pretax revenue income for Mellon Asset Management of 42% over the third quarter 2005.
• Northern Trust reported $667 billion, a 4.2% increase from the second quarter and a 10% increase from last year. The increase was due to market appreciation and new business in international markets, according to a filing earlier today.
Overall, Northern Trust reported net income of $163.7 million during the third quarter, down 2.5% from the previous quarter. The decrease was due largely to a drop in trust and investment servicing fees as well as a dip in foreign exchange trading income, according to the filing. Net income was up 11% from the third quarter 2005.
• SEI Investments reported $168.9 billion, up 4.5% from the prior quarter and up 22% from the year before. That total includes $58.8 billion from LSV Asset Management, the money management affiliate in which it owns a 43% stake; LSV's assets under management were up 5.6% from the prior quarter and 36% higher than the year before.
For the latest quarter, SEI's net income came to $60.5 million, up 4.5% from the prior quarter and up 23% from the previous year.
• Nuveen Investments reported $154 billion, up 3.5% from the second quarter and up 20% for the year, according to a company regulatory filing today. The filing attributed the growth largely to positive net flows of $17 billion over the last year, as well as market appreciation of roughly $6 billion during the same period. The company also added $3 billion from its October 2005 acquisition of Santa Barbara Asset Management.
Nuveen reported overall third-quarter net income of $46.2 million, relatively flat compared with the second quarter and up 6.2% from the third quarter 2005.