JP Morgan Chase’s private bank unit reported a
2010 first quarter revenue increase of 20% from the first quarter
of 2009 to $698m while its private wealth management arm increased
10% to $343m over the same period.
The group’s asset management unit had net
income of $392m, an increase of $168m, or 75%, from the prior
year.
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Total assets under management increased $104bn
or 9% to $1.2trn over the same 12 month period.
Assets under management reflected net outflows
of $40bn for the quarter and $27bn for the 12 months ended 31 March
2010.
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