JPMAM's assets up 1% in quarter; net income drops 10%

J.P. Morgan Asset Management's assets under management totaled $1.78 trillion as of June 30, up 1% from three months earlier and up 4% from a year before, said parent company J.P. Morgan Chase's second-quarter earnings report issued Tuesday.

Broken down by asset class, JPMAM had $578 billion in multiasset and alternative strategies in the second quarter; $466 billion in liquidity strategies; $380 billion in equities; and $357 billion in fixed income.

Net inflows for the quarter were $22 billion, driven by net inflows of $16 billion to long-term strategies and net inflows of $6 billion to liquidity strategies. Net inflows for the first quarter were $15 billion, driven by net inflows of $16 billion to long-term strategies.

Net income for JPMAM was $451 million for the second quarter of 2015, down 10% from the previous quarter and down 21% from the same quarter a year earlier. The drop in income reflected higher non-interest expense due to higher legal expense and the impact of a loss from a held-for-sale asset, largely offset by higher revenue, according to the earnings report. Revenue for the quarter, meanwhile, was $3.2 billion, up 6% from both the previous quarter and the second quarter of 2014.

Assets under custody for the quarter ended June 30 totaled $20.5 trillion, flat from three months earlier and down 5% from June 30, 2014.