(updated with correction)
J.P. Morgan Chase & Co.'s assets under management as of Dec. 31 totaled $1.2 trillion, down 0.7% from the previous quarter but up 10% from the previous year.
In an SEC filing, the company reported net outflows of $24 billion for the quarter and net inflows of $28 billion for the 12 months ended Dec. 31.
Net income was $424 million, down 1.4% from the previous quarter but up 66% from a year earlier. Net revenue was $2.19 billion, up 5.3% from the prior quarter and up 32.4% from a year earlier.
“The (AUM) increases (for the year) were due to the effect of higher market levels and inflows in fixed income and equity products offset partially by outflows in cash products,” according to the SEC filing. “Custody, brokerage, administration and deposit balances were $452 billion (for the year), up by $89 billion, due to the effect of higher market levels on custody and brokerage balances, and brokerage inflows in the private bank.”