JPMAM assets climb 7.4% over year, 4% in quarter

J.P. Morgan Asset Management on Tuesday reported $2.18 trillion in assets under management as of June 30, up 3.9% from three months earlier and 7.4% from a year earlier.

Institutional AUM totaled $991 billion in the latest quarter, up 5% from the previous quarter, and up 6% from the second quarter of 2018, according to parent J.P. Morgan Chase & Co.'s quarterly earnings statement. Retail AUM was $570 billion and private banking client assets totaled $617 billion.

JPMAM experienced net inflows in the second quarter of $40 billion and performance gains of $42 billion, compared to net inflows of $5 billion and performance gains of $104 billion in the previous quarter. In the year-earlier quarter, JPMAM had net inflows $21 billion, offset by performance losses of $9 billion.

"In asset and wealth management, AUM and client assets grew 7%, both due to higher asset values and net inflows into long-term and liquidity products," Chairman and CEO Jamie Dimon said in a news release about the firm's second-quarter results.

By strategy, the firm managed $713 billion in multiasset and alternative assets as of June 30, up 2.1% from the three months ended March 31 and up 2.9% for the year. Flows were flat in the second quarter, compared to $3 billion in net outflows during the three months ended March 31 and net inflows of $9 billion during the year-earlier quarter.

Assets managed in fixed income were $543 billion, up 9.7% from the quarter ended March 31 and up 20.1% from the quarter ended June 30, 2018. Net flows were $37 billion vs. net inflows $19 billion in the previous quarter and net outflows of $7 billion in the three months ended June 30, 2018. AUM in liquidity funds increased slightly over the quarter, reaching $481 billion as of June 30. Assets in liquidity products were up 1% over March 31, and up 7.4% over June 30, 2018. During the recent quarter, new inflows were $4 billion vs. net outflows of $5 billion during the first quarter and net inflows of $17 billion during the year-earlier quarter. As of June 30, assets managed in equities were $441 billion, up 3.3% from the quarter ended March 31 and up 1.4% from the quarter ended June 30, 2018. During the second quarter, equity strategies saw $1 billion in net outflows vs. $6 billion in net outflows during the first quarter and $2 billion in net inflows during the three months ended June 30, 2018.

J.P. Morgan Chase reported net revenue of $28.8 billion in the second quarter, which was down slightly by 1% over the first quarter. Year-over-year, net revenue was up 3.9%.

The company reported net income of $9.7 billion, up 5.2% from the first quarter and up 16% over the year-earlier quarter.