State Street Global Advisors had a record $1.75 trillion in assets under management as of Dec. 31, up 7.4% from the prior quarter and up 22% from the year before. Asset management fees for the latest quarter came to $253 million, up 6% from the prior quarter and up 19% from the year before. SSgA contributed 16% of parent company State Street Corp.'s overall revenue for the latest quarter. State Street Corp. reported net income of $291 million for the quarter, up 4.7% from the prior quarter and up 17% from the year before. In a news release, State Street Chairman Ronald E. Logue, noting that SSgA's revenue for calendar 2006 jumped 26% from the previous year, said the money management arm is increasingly becoming a more meaningful contributor to the parent company's finances.
JPMorgan Chase & Co. reported record assets under management of $1 trillion as of Dec. 31, up 7% from the end of the third quarter and 20% higher than a year earlier. Net income from asset management in the fourth quarter was $407 million, 19% above the year-ago period, while revenue soared 29% to a record $1.9 billion over the same period. The firm said the increases resulted from net asset inflows in both the institutional segment, up 55%, mostly in liquidity products, and the retail segment, up 29%, mostly in equity products, according to the company's earnings statement issued today.
Also, Mellon Financial reported record assets under management of $995 billion as of Dec. 31, up 8% from the prior quarter and up 27% from the year before. In a news release, President and CEO Robert P. Kelly cited the especially strong growth at Mellon Asset Management for the parent company's latest gains: net income for the quarter ended Dec. 31 came to $237 million, up 6.8% from the prior quarter and up 14% from the year before. The $77 billion jump in assets under management during the most recent quarter included $14 billion in net inflows and more than $28 billion from the acquisition of Walter Scott & Partners, which closed on Oct. 2. Investment management fee revenue surged 39% from the prior quarter to a record $797 million, and rose 52% from the year-earlier quarter.
Northern Trust reported $697 billion in assets under management for the quarter ended Dec. 31, up 4.4% from the previous quarter and up 12.8% from the same time last year, according to a news release. Net income for the fourth quarter was $170.8 million, up 4.3% from the previous quarter and up 15.7% from a year ago. Revenue totaled $776 million as of Dec. 31, up 3.5% from the prior quarter and up 12% from last year. The year's profits were driven by double-digit growth in client assets, and the firm expects continued growth this year, said William Osborn, chairman and CEO, in a news release.