J.P. Morgan Chase reported assets under management of $1.219 trillion as of March 31, down 2.4% from the prior quarter but up 9.3% from the year before.
Outflows for the latest quarter were $40 billion, with the $62 billion flowing out of money market strategies more than offsetting inflows of $22 billion into fixed-income and equity strategies. Those outflows, reflecting a growing appetite for risk among investors, follows the safe haven tidal wave during the financial crisis that saw more than $200 billion flowing into J.P. Morgan’s money market strategies in 2008 alone, noted spokeswoman Mary Sedarat.
For the 12 months through March 31, J.P. Morgan saw $27 billion in net outflows, primarily from money market strategies.
Net income for the asset management business came to $392 billion for the latest quarter, down 8% from the prior quarter but up 75% from the year-earlier quarter. The business’s pretax margin, meanwhile, improved to 31%, from 30% for the prior quarter and 22% for the year-earlier quarter.
Asset management revenues came to $2.13 billion for the latest quarter, down 3% from the prior quarter but up 25% from the year-earlier quarter.