J.P. Morgan Asset Management's assets under management were $1.772 trillion as of Sept. 30, up 4.7% from three months earlier and up 3.6% from a year earlier, said the earnings report from parent company J.P. Morgan Chase on Friday.
The company attributed the year-over-year increase to higher market returns and inflows into long-term strategies.
Net inflows for the third quarter were $41 billion vs. net inflows of $7 billion in the second quarter. The firm had net outflows of $9 billion in the third quarter of 2015.
Fixed income, liquidity, and multiasset and alternatives strategies accounted for $5 billion, $21 billion and $22 billion, respectively, in net inflows. Equity strategies had $7 billion in net outflows. Market performance accounted for $38 billion during the three months ended Sept. 30.
Of the overall AUM, $862 billion was institutional, $477 billion in retail and $433 billion from private banking clients. Institutional AUM rose 6.3% from three months earlier and 5.6% from a year earlier.
Broken out by asset class, JPMAM had $575 billion in multiasset and alternatives strategies as of Sept. 30, up 6% from June 30 and up 2.5% from Sept. 30, 2015; $447 billion in liquidity strategies up 4.9% from three months earlier and down 3.5% from 12 months earlier; $393 billion in fixed income, up 2.6% from the end of the previous quarter and up 12% from the end of the year-earlier quarter, and $357 billion in equities, up 4.4% from June 30, and up 6.3% from Sept. 30, 2015.
JPMAM's net income was $557 million for the third quarter, up 7% from the second quarter and up 17% from the year-earlier quarter.
Net revenue was $3.047 billion, up 4% from previous quarter and up 5% from the third quarter of 2015.
Assets under custody for the third quarter were $21.2 trillion, up 4% from three months earlier and up 8% from a year earlier.