JP Morgan’s asset and wealth management division saw net income rise in the second quarter to a record $343 million, up by $60 million, or 2...

JP Morgan’s asset and wealth management division saw net income rise in the second quarter to a record $343 million, up by $60 million, or 21 per cent, from the prior year. Performance was driven by increased revenue offset partially by higher compensation costs. Net revenue in the division was a record $1.6 billion, up by $277 million, or 21 per cent from the prior year. This increase was due primarily to increased assets under management and higher performance and placement fees said the bank. The Private Bank client segment revenue grew 15 per cent from the prior year to $469 million due to higher deposit balances, increased placement activity and management fees which were partially offset by narrower deposit spreads. However, the Private Client Services client segment revenue decreased 1 per cent to $256 million, due to narrower deposit and loan spreads, partially offset by higher deposit and loan balances. Assets under management were $898 billion, up 15 per cent, or $115 billion, from the prior year. The increase was the result of net asset inflows driven by retail flows from third-party distribution, primarily in equity-related products, institutional flows in liquidity products and market appreciation said the bank.