J.P. Morgan Chase reported $1.33 trillion in assets under management as of March 31, up 2% from the prior quarter and 9% higher than the year before.
Executives discussing the results on a conference call Wednesday morning noted that net inflows for J.P. Morgan Asset Management's long-term equity, bond and alternative strategies rose to a record $27 billion in the quarter, offset by $9 billion in liquidity outflows.
At the end of March, equity and multiasset strategy assets were $421 billion, up 4% from the prior quarter and 19% higher than the year before. Fixed-income AUM stood at $305 billion, up 6% and 24%, respectively, over the same periods. Assets in alternative strategies were $114 billion, up 6% and 18%. But assets in liquidity strategies declined to $490 billion, down 1% from the prior quarter and down 6% from the year before.
By client sector, J.P. Morgan reported $696 billion in institutional client assets, $293 billion in assets for private banking clients and $341 billion in retail assets.
For the quarter, asset management revenues were $2.4 billion, down 8% from the prior quarter but up 13% from the year before. Net income came to $466 million, down 8% from the prior quarter but up 19% from the year before.
More than half of the company's revenues from asset management — $1.3 billion — came from managing assets for private banking clients. The remaining $1.1 billion was split almost equally — $549 million and $540 million — between institutional and retail clients, respectively.