J.P. Morgan's asset and wealth management business ended 2023 with $3.4 trillion in assets under management, up 24%, or $656 billion, on the back of market-related gains and net inflows, primarily to liquidity products.
For the latest quarter, meanwhile, the bank's earnings report showed a 7.4% gain for its asset and wealth management business's AUM.
J.P. Morgan Asset Management, the bank's asset management arm, accounted for roughly $3.1 trillion, or roughly 90%, of that asset and wealth management AUM, with the firm's wealth management business accounting for the remaining 10%.
For the year, the AWM business posted market-related gains of $274 billion and net inflows of $382 billion.
Liquidity products claimed the lion's share of those annual net inflows, at $242 billion, followed by $70 billion apiece for JPMAM's equity and fixed income strategies.
Multi-asset offerings, by contrast, saw only $1 billion in net inflows while alternative strategies saw net outflows of $1 billion.
A spokeswoman for the firm declined to provide further details.
For the quarter, the New York-based firm reported market-related AWM gains of $175 billion and net inflows of roughly $60 billion.
Liquidity products garnered the bulk of those quarterly net inflows, at $49 billion, followed by $12 billion for equity strategies and $6 billion for fixed income offerings.
Alternative and multi-asset strategies saw quarterly net outflows of $5 billion and $1 billion respectively.
