J.P. Morgan Asset Management's assets under management totaled $1.7 trillion as of June 30, up 3.6% from March 31 and up 16% from a year earlier, according to parent company J.P. Morgan Chase's second-quarter earnings report issued Tuesday.
The AUM growth was attributed to higher market levels and net inflows to long-term strategies.
Net inflows for the quarter were $23 billion, driven by net inflows of $34 billion to long-term strategies and net outflows of $11 billion from liquidity strategies. For the 12 months ended June 30, net inflows were $92 billion, $89 billion to long-term strategies and $3 billion to liquidity strategies.
Net income for the quarter ended June 30 was $552 million, up 25% from the previous quarter and up 10% from the year-ago quarter. Revenue was $2.96 billion, up 6% from the prior quarter and up 8% from the year-earlier quarter.
Assets under custody at the end of the second quarter were $21.7 trillion, up 2% from three months earlier and up 14% from June 30, 2013.