J.P. Morgan Asset Management reported a 4.8% drop in assets under management for the quarter ended June 30. At $1.16 trillion, assets declined 0.9% from a year earlier.
For the quarter, the decrease reflected market-related declines of $42 billion and net outflows of $16 billion.
The firm suffered net outflows of $29 billion from liquidity products, offsetting net inflows, respectively, of $12 billion for fixed-income strategies and $1 billion for equity, multiasset class and alternatives strategies.
With market-related declines figured in, the firm reported $489 billion in liquidity assets, down 6% from the prior quarter and 21% from a year earlier; $259 billion in fixed-income assets, up 5% from the prior quarter and 34% from June 30, 2009; $322 billion in equity and multiasset class assets, down 9% from the prior quarter but up 22% from a year earlier; and $91 billion in alternatives assets, down 6% from the prior quarter and 5% from the year earlier.
A news release detailing the company's second-quarter results listed net income for J.P. Morgan's asset management business at $391 million, off slightly from $392 million for the first quarter but up 11% from a year earlier.
Net revenue for its asset management operations, meanwhile, came to $2.1 billion, down 3% from the prior quarter but up 4% from a year earlier.