J.P. Morgan Asset Management's assets under management were $1.771 trillion as of Dec. 31, flat from three months earlier but up 3% from Dec. 31, 2015, said the earnings report from parent company J.P. Morgan Chase on Friday.
The company attributed the year-over-year increase to market returns and inflows into cash and long-term strategies.
JPMAM experienced net inflows of $14 billion for the fourth quarter vs. net inflows of $41 billion for the third quarter and net outflows of $10 billion for the fourth quarter of 2015.
Multiasset and alternatives, fixed-income and equities strategies accounted for $3 billion, $6 billion and $12 billion, respectively, in net outflows. Liquidity strategies had $35 billion in net inflows. Market performance resulted in a $15 billion decrease in AUM during the three months ended Dec. 31.
Of the overall AUM, $869 billion was institutional, $467 billion in retail and $435 billion from private banking clients. Institutional AUM dropped 2% from three months earlier and 1% from a year earlier.
Broken out by asset class, JPMAM had $564 billion in multiasset and alternatives strategies as of Dec. 31, down 2% from Sept. 30 and flat from a year earlier; $436 billion in liquidity strategies, up 8% from three months earlier and up 1% from 12 months earlier; $420 billion in fixed income, down 4% from the end of the previous quarter but up 12% from the end of the year-earlier quarter; and $351 billion in equities, down 2% from Sept. 30 and down 1% from Dec. 31, 2015.
JPMAM's net revenue was $3.09 billion, up 1% from both the previous quarter and the fourth quarter of 2015. Net income was $586 million for the third quarter, up 5.2% from the second quarter and up 16% from the year-earlier quarter.
Assets under custody for the third quarter were $20.5 trillion, down 3% from three months earlier but up 3% from a year earlier.