J.P. Morgan Asset Management reported assets under management of $1.257 trillion as of Sept. 30, up 8% from the prior quarter but flat from the year before, as declines in liquidity assets for the year offset gains in the firm’s bond and equity assets, according to parent company J.P. Morgan Chase’s earnings report issued Wednesday.
For the latest three-month period, the firm’s asset management division reported net inflows of $38 billion, with $27 billion in liquidity gains and $12 billion in fixed-income gains more than offsetting $1 billion in net equity outflows. J.P. Morgan saw net outflows of $16 billion for the prior quarter and inflows of $34 billion for the year-earlier quarter.
By asset class, J.P. Morgan reported $521 billion in liquidity assets as of Sept. 30, up 7% from the prior quarter but down 18% from the year before. Fixed-income assets stood at $277 billion, up 7% from the prior quarter and 29% above the prior year. Equities and multiasset totals came to $362 billion, a gain of 12% from the prior quarter and up 15% from the year before. Alternatives assets, meanwhile, came to $97 billion, up 7% from the prior quarter and 3% higher than the year before.
Institutional client assets came to $677 billion, up 7% from June 30 but down 8% from the year before. Retail assets stood at $304 billion, up 13% from the prior quarter and up 19% from the year before. The firm managed $276 billion for private banking clients, up 7% and 4%, respectively, from the prior quarter and the prior year.
Net income for the asset management business came to $420 million for the latest quarter, up 7% from the prior quarter but down 2% from the year before, reflecting higher non-interest expenses.
Net revenues for the business came to $2.172 billion, up 5% from the prior quarter and up 4% from the year before.