J.P. Morgan's revenue keeps up with BlackRock

But what should be highlighted is that J.P. Morgan generated about $12 million more in revenue than BlackRock with a third of the total AUM. This trend should be expected due to much of BlackRock's business model being built upon low-cost index and ETF vehicles while JPAM's business relies on active investing and wealth management services. But the trend has been shifting: J.P. Morgan's active products have been struggling to add alpha, like most active funds, and new client asset growth has been weak as a percentage of the prior quarter's AUM. As a result, much of JPAM's revenue growth has been driven by its wealth management business.