"An excellent quarter in asset management …"
J.P. Morgan Chase
] chief financial officer Marianne Lake shared
that sentiment yesterday on the giant bank's second quarter earnings call with analysts [see the Seeking Alpha transcript
]. J.P. Morgan released
its second quarter earnings report yesterday [earnings report
J.P. Morgan CEO Jamie Dimon
even gave a shout out to asset management as one of the pieces of the bank's "diversified earnings profile," pieces that are seeing "net income, growth and operating leverage."
Lake told analysts that the bank is "investing in the sales force" for J.P. Morgan Asset Management. Net income for the unit rose 10 percent year-over-year to $552 million, and assets under management climbed 16 percent year-over-year to $1.7 trillion. That includes $526 billion in retail AUM, up 29 percent year-over-year.
"This marks the 23rd consecutive quarter of long term inflows driving AUM of $1.7 trillion up 16% year-on-year, and we continue to expect strong flows going forward," Lake said on the call.
Meanwhile, J.P. Morgan Chase's overall revenue and profit for Q2 2014 fell to $25.35 billion and $5.99 billion, respectively. Yet the Wall Street Journal reports
that earnings per share and revenue both beat analysts expectations.
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