J.P. Morgan Asset Management's assets under management totaled $1.65 trillion as of March 31, up 3.1% from previous quarter and up 11.1% from a year before, according to parent company J.P. Morgan Chase's first-quarter earnings report issued Friday.
The annual asset growth was attributed to market gains and net inflows to long-term strategies.
Net inflows for the quarter were $14 billion, driven by net inflows of $20 billion to long-term strategies and net outflows of $6 billion from liquidity strategies, such as money market funds. For the 12 months ended March 31, net inflows were $72 billion, driven by net inflows of $80 billion to long-term strategies and net outflows of $8 billion from liquidity strategies.
Net income for the quarter ended March 31 was $441 million, down 22.4% from the previous quarter and down 9.4% from the year-ago quarter. Revenue was $2.8 billion, down 12.6% from the prior quarter and up 4.7% from the year-ago quarter..
