J.P. Morgan Asset Management's assets under management inched up 1% in the quarter ended June 30, to $1.693 trillion from three months earlier, said parent company J.P. Morgan Chase's second-quarter earnings report Thursday.
AUM dropped 5% from a year earlier. The company attributed the year-over-year drop in AUM to asset sales, lower stock market returns and outflows from liquidity strategies.
Net inflows for the quarter were $17 billion, compared to net outflows of $47 billion during the first quarter and net inflows of $22 billion during the second quarter of 2015. Market performance accounted for $10 billion of the asset gain during the second quarter, while fixed income and liquidity offering accounted for $10 billion and $4 billion, respectively, in net inflows. Equity offerings had $5 billion in net outflows, while multiasset and alternatives offerings had $2 billion in net outflows.
Of the company's AUM, $811 billion was institutional, $457 billion was retail and $425 billion came from private banking clients.
Broken down by asset class, JPMAM had $542 billion in multiasset and alternative strategies at the end of the second quarter, $426 billion in liquidity strategies, $383 billion in fixed income and $342 billion in equities.
Net income for JPMAM was $521 million for the quarter, down 1.1% from the first quarter and up 15.5% from the second quarter of 2015. Net revenue, meanwhile, was $2.939 billion, down 1.1% from the previous quarter and down 7.4% from the same period a year earlier.
Assets under custody for the quarter ended June 30 totaled $20.47 trillion, up 0.9% from three months earlier but down 0.1% from June 30, 2015.