J.P. Morgan Asset Management's assets under management totaled $1.71 trillion as of Sept. 30, flat from June 30 and up 11% from a year earlier, according to parent company J.P. Morgan Chase's second-quarter earnings report issued Tuesday.
Net inflows for the quarter were $24 billion, driven by inflows of $16 billion to long-term strategies and inflows of $8 billion to liquidity strategies. For the 12 months ended Sept. 30, net inflows were $84 billion, including net inflows of $86 billion to long-term strategies and net outflows of $2 billion to liquidity strategies.
The annual increase in assets were attributed to the effect of higher market levels and net inflows to long-term strategies.
“Asset management saw its 22nd consecutive quarter of long-term inflows, record net income and strong margins,” said Jamie Dimon, J.P. Morgan Chase chairman and CEO, in the report.
Net income for the quarter ended Sept. 30 was $572 million, up 4% from the previous quarter and up 20% from the year-ago quarter. Revenue was $3 billion, flat from the previous quarter and up 9% from the prior year.
