J.P. Morgan Asset Management
's assets under management rose by 11 percent, to $1.648 trillion from $1.483 trillion at this time last year, according to J.P. Morgan's Chase
's first quarter 10K filing
. The unit, which Mary Callahan Erdoes
heads up as CEO, attributes the gains both to client inflows and performance.
The firm's retail business rose to $498 billion from $395 billion (or a 26 percent change) from this time last year, while the institutional channel saw a modest increase of 3 percent (from $749 billion to $773 billion). Private banking rounds out the other piece at $377 billion (an 11 percent increase from $339 billion last year).
The unit's total mutual fund assets also rose by 11 percent, to $839 billion from $754 billion last year. The biggest increase coming from multi-asset and alternative mutual funds, which doubled in size. The AUM in those funds grew to $109 billion this year from $53 billion last year. Liquidity and fixed-income funds dropped slightly (by 3 and 1 percent, respectively), while equity funds grew to $202 billion from $159 billion.
The division's net income was down slightly from last year, though. It came in at $441 million, which was 9 percent less than the $487 million the unit garnered last year. The filing said this reflects higher non-interest expense that was largely offset by higher net-revenue. The total non-interest expense rose to $2.075 billion from $1.876 billion, while total net revenue rose from $2.653 billion to $2.778 billion, or a 5 percent change.
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