JPMorgan Chase & Co.'s fourth-quarter earnings quadrupled as the New York-based banking company continued to see strong growth from its asset management business.
The company reported Friday its assets under management rose 10% to $1.2 trillion and assets under supervision rose 14% to $1.7 trillion. JPMorgan Chase attributed this growth to higher market levels and inflows into fixed income and equity products “offset partially by outflows in cash products.” Custody, brokerage, administration and deposit balances rose $89 billion to $452 billion because of higher market levels on custody and brokerage balances, and brokerage inflows into the private bank.
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