J.P. Morgan Asset Management had assets under management of $1.6 trillion as of Dec. 31, up 7% from the end of the previous quarter and up 12% from a year before, according to parent company J.P. Morgan Chase's fourth-quarter earnings report issued Tuesday.
The asset gain was attributed to net inflows to long-term strategies and market movements.
Net inflows for the quarter were $23 billion, with $16 billion to long-term strategies and $7 billion to liquidity strategies. For the 12 months ended Dec. 31, net inflows were $86 billion, with $90 billion to long-term products and net outflows of $4 billion from liquidity products.
Net income for the quarter ended Dec. 31 was $568 million, up 19% from the previous quarter and up 18% from the year-ago quarter. Revenue was $3.2 billion, up 14% from the prior quarter and up 15% from the year-ago quarter.