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Rating:JPAM Assets Grow by 11 Percent, as Alt Funds Double in Size  Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 05, 2014

JPAM Assets Grow by 11 Percent, as Alt Funds Double in Size

by: Anastasia Donde

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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