JPMorgan’s asset management division has reported a net income of US$500 million for the second quarter of 2013, a 28% increase compared to US$391 million for the same period of 2012.
The division’s assets under management for the quarter were US$1.5 trillion, an increase of US$123 billion, or 9%, from the prior year, due to net inflows to long-term products and the effect of higher market levels, partially offset by net outflows from liquidity products.
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The firm’s asset management division posted second quarter net revenue of US$2.7 billion, an increase of 15% compared to US$2.3 billion for the corresponding period of the previous year.
Revenue from private banking was US$1.5 billion, up 11% compared with the prior year. Client assets were US$2.2 trillion, an increase of US$189 billion, or 10%, compared with the prior year period.
Overall, JPMorgan reported a net income of US$6.5 billion, or $1.60 per share, for the second quarter of 2013, compared to US$5 billion, or $1.21 per share, for the same quarter of 2012. The company posted second quarter revenue of US$26 billion, compared to US$22.9 billion in the prior year period.
Jamie Dimon, chairman and CEO of JPMorgan, said: "Our earnings reflected strong performance across our businesses. Consumer deposits were up 10% compared with the prior year and Credit Card sales volumes were a record US$105.2 billion, up 10%.
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By GlobalData"And notably, Asset Management had US$25 billion of net long-term client flows, the 17th consecutive quarter of positive net long-term client flows," added Dimon.
