JP Morgan’s private banking unit reported a 13% increase in revenue to $1.4bn in the first quarter.
Assets under management in the unit (AuM) also saw strong results, with a 12% increase to $339bn of AuM, year-on-year.
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Assets under supervision in JP Morgan’s private bank also rose 10% year-on-year to $909bn.
JP Morgan’s asset management unit has reported a record high in assets under management (AuM) at US$1.5 trillion for the first quarter of 2013, an increase of US$101 billion or 7%, due to net inflows to long-term products and the effect of higher market levels, partially offset by net outflows from liquidity products, according to JP Morgan.
Assets under supervision of JP Morgan’s AM unit reached a record high of US$2.2 trillion for Q1 2013.
Custody, brokerage, administration and deposit balances were US$688 billion, up US$57 billion, or 9%, due to the effect of higher market levels and custody and brokerage inflows.
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By GlobalDataJP Morgan AM’s loan balances increased by 27% to a record US$81.4 billion in Q1.
Net income amounted to US$487 million, an increase of US$101 million, or 26%, from the same period in 2012.
Investment banking unit
Markets & Investor Services revenue reached US$7.2 billion, up 7% from the prior year. Fixed income and equity markets combined revenue was US$6.1 billion, down 5% from the prior year, reflecting solid client revenue, but lower rates product revenue compared with a particularly strong prior year.
Credit adjustments and other revenue amounted to US$99 million, compared with a loss of US$713 million in the prior year.
Private equity
Private equity reported a net loss of US$182 million, compared with net income of US$134 million in the prior year. Net revenue was a loss of US$276 million, compared with net revenue of US$254 million in the prior year, primarily due to higher net valuation losses on private investments.
Net income was up by 33% US$6.5 billion, from the same period in 2012. Net revenue was down by US$909 million to US$25.8 billion, from the year before.
