JP Morgan’s asset and wealth management division has reported a net profit of $724 million for the third quarter. This represents a year on year increase of seven percent but is four percent lower than the $744 million recorded in the second quarter.
Net revenue totalled $3.6 billion, up three percent year on year. The bank said the increase was “driven by higher management fees net of fee compression, on higher market levels and net long-term product inflows, as well as strong banking results, partially offset by the impact of lower market valuation gains, including on seed capital investments”.
The division reported what Jamie Dimon, the chief executive of JP Morgan, called “positive flows across all asset classes”. Assets under management were up seven percent year on year to £2.1 trillion. The bank added that as well as the inflows, market movements helped with the increase.