J.P. Morgan Asset Management reported $1.3 trillion in assets under management as of Dec. 31, up 3.4% from the previous quarter and 4%, or $49 billion, from a year earlier, a result of higher market levels and net inflows in long-term products, largely offset by net outflows in liquidity assets, according to parent company J.P. Morgan Chase's fourth quarter earnings report Friday.
The asset management division reported $2 billion in net outflows for the latest quarter, with $25 billion in liquidity product outflows and inflows of $23 billion from long-term products. J.P. Morgan saw net inflows of $38 billion in the previous quarter.
The asset management division reported long-term AUM inflows of $69 billion for the year ended Dec. 31.
Net income for the asset management business was $507 million, up 21% from the prior quarter and 20% higher than a year earlier.
Parent company JPMorgan Chase & Co. reported fourth quarter net income of $4.8 billion, a 47% increase from a year earlier. Net income for the full year was $17.4 billion, up 48% from the prior year.