JPMorgan Chase today reported $1.1 trillion in assets under management as of Dec. 31, down 2% from the previous quarter and 5% below a year ago.
The decrease for the year was a result of the effect of lower markets and non-liquidity outflows, predominantly offset by liquidity product inflows across all segments and the addition of Bear Stearns’ assets under management, according to JPMorgan Chase’s earnings report. JPMorgan Chase acquired Bear Stearns Cos. Inc. last year.
Net income for JPMorgan Chase’s asset management business was $255 million in the fourth quarter, compared to $351 million in the previous quarter and $527 million in the year-ago quarter.
Net revenue for the fourth quarter was $1.7 billion, a decrease of $303 million from the previous quarter, and a decrease of $731 million from the prior year, offset partially by lower non-interest expense.
