J.P. Morgan Asset Management had record assets under management of $1.5 trillion as of March 31, up 7.1% from the prior quarter and 7% higher than the year before, according to parent company J.P. Morgan Chase's first-quarter earnings report issued Friday.
Net inflows in the quarter were $28 billion, with $31 billion in net inflows to long-term products offset by net outflows of $3 billion from liquidity products. For the 12 months ended March 31, net inflows were $53 billion, driven by net inflows of $74 billion to long-term products and net outflows of $21 billion from liquidity products.
William Katz, director and analyst at Citi Research, said in a note to clients that J.P. Morgan's long-terms flows “are consistent with industry improvement” in the first quarter, with healthy flows into riskier strategies such as equities, multiasset and alternatives.
Assets under custody were $19.3 trillion, 2% higher than the prior quarter and up 8% from the prior year.
Net income came to $487 million for the first quarter, up 0.8% from the prior quarter and 26% from the year-earlier quarter.
Revenue of $2.65 billion was down 3.6% from the prior quarter but up 12% from the year before.