The Asset & Wealth Management (AWM) arm of JPMorgan Chase posted a net income of $604m for the fourth quarter of 2018, a decrease of 8% compared to $654m in the previous year.

The unit’s net revenue for the quarter ended 31 December 2018 was $3.44bn, down 5% from $3.64bn in the corresponding quarter of 2017. The bank said that the decrease was affected by lower market levels, which reduced investment valuations, management fees and performance fees.

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These results came after positive third quarter of 2018 when the wealth and asset management united recorded an increase of 7% compared to $674m in the same period of 2017.

Assets under management totalled $1.98 trillion at the end of December 2018, a 2% dip from $2.03 trillion last year. The fall was said to be due to lower market levels.

The number of wealth management client advisers at the end of the fourth quarter of 2018 was 2,865, versus 2,605 last year.

JPMorgan Chase chairman and CEO Jamie Dimon said: “Asset & Wealth Management delivered strong banking results and continued its string of annual net long-term inflows, even as volatility and lower market levels impacted fourth quarter results.”

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Positive figures for JPM Group

Overall, the banking group reported a net income of $7.06bn in the fourth quarter of 2018, a 67% surge from $4.23bn in the same period of 2017.

On a reported basis, the group’s total net revenue increased 7% year-on-year to $26.11bn. Provision for credit losses soared 18% to $1.55bn from $1.31bn in the previous year.

“2018 was another strong year for JPMorgan Chase, with the Firm generating record revenue and net income, even without the impact of tax reform. Each line of business grew revenue and net income for the year, while continuing to make significant investments in products, people and technology, demonstrating the power of the platform,” Dimon noted.