SSgAs assets under management fell in the third quarter, while assets of JPMorgan Chase held steady.
SSgA had assets of $1.686 trillion, down 11% from the prior quarter and 16% less than the year before, reflecting the plunge in equities worldwide during the latest reporting period. Investment management fees for the three months through Sept. 30 were $261 million, down 6.8% from the prior quarter and off 13% from the year-earlier quarter, according to news release today from parent company State Street Corp.
State Street Corp. reported operating revenue for the latest quarter of $1.899 billion, down 5.3% from the previous quarter but up 5.6% from the year-earlier quarter. Operating income from continuing operations came to $538 million, down 5.6% from the prior quarter but up 20% from the year before.
JPMorgan Chase & Co. reported assets of $1.2 trillion, unchanged from the second quarter and down 1% from the third quarter 2007.
According to a news release, lower equity markets and equity product outflows were offset by liquidity product inflows and the addition of Bear Stearns assets under management. JPMorgan Chase acquired Bear Stearns Cos. Inc. in March.