J.P. Morgan Asset Management reported $1.676 trillion in assets under management as of March 31, down 3% from Dec. 31 and down 5% from 12 months earlier, said parent company J.P. Morgan Chase's first-quarter earnings report issued Wednesday.
The company attributed the year-over-year drop in assets in part to lower stock market returns and outflows from liquidity strategies.
Net outflows for the quarter were $47 billion, compared to net inflows of $12 billion during the fourth quarter of 2015 and net inflows of $15 billion during the first quarter of 2015. JPMAM experienced net outflows of $32 billion from markets and performance, net outflows of $27 billion from liquidity offerings and net outflows of $5 billion from equities. These were partially offset by net inflows of $11 billion into fixed income and net inflows of $6 billion into multiasset and alternatives strategies.
Of the company's AUM, $798 billion was institutional, $450 billion was retail and $428 billion came from private banking clients.
Broken down by asset class, JPMAM had $541 billion in multiasset and alternative strategies at the end of the first quarter, $424 billion in liquidity strategies, $365 billion in fixed income and $346 billion in equities.
Net income for JPMAM was $587 million for the quarter, up 16% from the fourth quarter and up 17% from the first quarter of 2015. Net revenue, meanwhile, was $2.97 billion, down 2% from the previous quarter and down 1% from the same period a year earlier.
Assets under custody for the quarter ended March 31 totaled $20.283 trillion, up 2% from three months earlier but down 1% from March 31, 2015.