J.P. Morgan Asset Management reported $1.254 trillion in assets under management as of Sept. 30, down 6.6% from the prior quarter and off a scant 0.2% from the year-earlier quarter.
The latest earnings report for parent J.P. Morgan Chase & Co. said the company’s asset management business saw net outflows of $8 billion for the three-month period, with $10 billion in liquidity outflows and $2 billion of inflows for long-term equity and bond strategies.
With U.S. and global equity markets tumbling more than 10% for the quarter, the company’s equity and multiasset AUM suffered the biggest hit, ending at $356 billion — down 17% from the prior quarter and off 2% from the year-earlier quarter.
In other business segments, the company reported $321 billion in fixed-income assets, up 1% from the prior quarter and up 16% from the year before. Assets in alternatives strategies came to $113 billion, down 3% from June 30 but up 16% from the year before. Liquidity assets came to $464 billion, down 3% from the prior quarter and off 11% from the year before.
Net income for the asset management division came to $385 million, down 12% from the prior quarter and off 8.3% from the year before.
Revenues, meanwhile, came to $2.316 billion, down 9.5% from the prior quarter but up 6.6% from the year before.
