J.P. Morgan Chase & Co.’s asset and wealth management business ended the first quarter with $3.6 trillion in assets under management, up 19% year over year.
The company attributed the increase to “higher market levels and continued net inflows,” in an earnings release April 12.
Chairman and CEO Jamie Dimon noted that in the AWM business “asset management fees were up 14%, with continued strong net inflows.”
“Many economic indicators continue to be favorable,” Dimon said in the release. “However, looking ahead, we remain alert to a number of significant uncertain forces.”
He pointed to an “unsettling” global landscape with “terrible wars,” and “large number of persistent inflationary pressures” which “may likely continue,” in the release.
For the latest quarter, the AWM business’ assets under management had long-term net inflows of $34 billion.
By asset type during the quarter, equities had net inflows of $21 billion, followed by fixed income with $14 billion, according to a supplement accompanying the earnings release. Alternatives saw $1 billion in net inflows during the first quarter.
By contrast, liquidity strategies posted net outflows of $4 billion and multiasset strategies had $2 billion in outflows during the quarter.
Net income of the asset and wealth management unit was $1 billion for the first quarter of 2024, down 26% year over year, according to the release.
Net revenue at the unit totaled $4.7 billion, down 1% from a year ago with the release pointing to net investment valuation gains the previous year, primarily a gain of $339 million that was associated with closing the J.P. Morgan Asset Management China acquisition.
Last year, J.P. Morgan rescued First Republic after it failed. The bank reported April 12 a $725 million a one-time charge from the Federal Deposit Insurance Corp. related to last year’s banking crisis.
