J.P. Morgan Chase & Co. on Friday reported $1.3 trillion in assets under management for the quarter ended Dec. 31, up 3.7% from three months earlier and 3% higher than a year earlier.
The asset management business had $53 billion in inflows to liquidity products and $5 billion to long-term products in the fourth quarter, according to J.P. Morgan Chase’s fourth-quarter earnings statement. Both increases were due to net inflows to long-term and liquidity products, partially offset by the impact of lower market levels.
Custody, brokerage, administration and deposit balances were $585 billion, up by $43 billion, or 8%, because of deposit and custody inflows.
Net income for J.P. Morgan Asset Management net income was $302 million in the fourth quarter, a decrease of 22% from the third quarter and 40% below the prior year’s fourth quarter.
Revenue came to $2.284 billion, down 1.3% from the prior quarter and 12.6% below the year before.
Jamie Dimon, chairman and CEO, said in an earnings conference call Friday that the lower asset management revenue was due to lower performance fees and loan-related revenue, the effect of lower market levels and reduced valuations of seed capital investments.