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JP Morgan’s asset management to hit $3.7 bn revenue in Q3

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Its asset under management increased 16 percent YoY to $2.6 trillion

JP Morgan asset management unit posted an increase in revenue of 5 percent to reach $3.7 billion during the third quarter of 2020, media reports said. Assets under management were also up by 16 percent year-on-year to reach $2.6 trillion.

According to chief financial officer Jennifer Piepszak, the increase in revenue is attributed to higher deposit and loan balances.  It is reported that deposit balances increased 23 percent year-over-year to $171 billion, while loan balances were up 13 percent year-over-year to $170 billion.

Earlier this month, JP Morgan Asset Management announced that it has entered into a partnership with Software Solution Partner (SAP) Program.

Paul Przybylski, Head of Product Strategy for Global Liquidity, JP Morgan Asset Management told the media, “This is a significant partnership that harnesses the scale and expertise of two industry leaders in JP Morgan Asset Management and SAP to expand the reach and performance of our Morgan Money liquidity management platform. The agreement will enable SAP’s substantial Treasury Management customer base to directly access Morgan Money, delivering a real-time dashboard to invest, a single access point for operations, and enhanced risk management controls.”

JP Morgan also announced its partnership with 55ip to help provide its advisors to easily and efficiently transition clients into JP Morgan model portfolios using 55ip’s automated tax technology.

According to Ted Dimig, JP Morgan’s head of US advisory, the partnership with 55ip will allow advisers to access 10 diversified multi-asset models run by the investment bank.

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