J.P. Morgan Chase’s asset and wealth management division reported assets under management of $4 trillion as of Dec. 31, up 18% year over year from $3.42 trillion, and up only slightly from $3.9 trillion in the previous third quarter.
The firm attributed the increase to “continued net inflows and higher market levels,” according to a Jan. 15 earnings release.
Jamie Dimon, chairman and CEO, noted in the release that in the asset and wealth management division client net inflows totaled $486 billion in 2024, for cumulative net inflows over the past two years of $976 billion.
During the fourth quarter of 2024, equity products saw $41 billion of net inflows followed by fixed income products at $18 billion, multiasset products took in $14 billion and alternatives $3 billion, according to a supplemental earnings release. Liquidity products saw $94 billion of net inflows during the fourth quarter.
Market performance and other factors contributed to $29 billion in outflows to assets under management during the fourth quarter, according to the supplement.
Dimon noted that the U.S. economy “has been resilient” but cautioned on two significant risks. “Ongoing and future spending requirements will likely be inflationary, and therefore, inflation may persist for some time,” Dimon said in the release.
Additionally, the CEO pointed to geopolitical conditions being the “most dangerous and complicated since World War II.”
Dimon, who turns 69 in March, was asked during the firm’s earnings call about who will be his successor and how long he plans to remain at the firm. Succession at J.P. Morgan is one of the closest watched questions on Wall Street.
COO and president Daniel Pinto announced on Jan. 14 that he will retire from the firm in 2026. Jennifer Piepszak was named as the firm’s new chief operating officer and Dimon noted on the call that she does not want to be the CEO, but will remain in her role to support a leadership transition.
“We have several exceptional people. You guys know most of them, there’s maybe one or two you don't know, the board reviews and meets with them all the time,” Dimon said, adding that his successor was not yet determined.