J.P. Morgan Chase's global wealth management business posted another strong quarter, according to the bank's financial results released Tuesday.
Global wealth management, which includes both J.P. Morgan Private Bank and J.P. Morgan Securities, generated $1.51 billion in second-quarter revenue, up 6% year-over-year. Revenue also inched up 2% from $1.47 billion in the previous quarter.
For the first six months of 2015, global wealth management reeled in $2.97 billion, a 6% increase from the $2.8 billion it generated in revenue in the first half of 2014.
Global wealth management also saw a significant increase in assets under management. At the end of the second quarter, J.P. Morgan Private Bank and J.P. Morgan Securities had $452 billion in assets under management, a robust 18% year-over-year increase, according to the earnings release.
The two businesses managed to increase both the top line and assets under management with fewer advisors. The number of advisors employed by J.P. Morgan Private Bank and J.P. Morgan Securities at the end of the second quarter fell 3% to 2,746 from 2,828 a year ago. The advisor force was also down 2% from the previous quarter.
Global wealth management is part of J.P. Morgan Chase's asset management business, which generated $3.17 billion in revenue and $451 million in profit in the second quarter. In addition to global wealth management, the asset management business includes the bank's mutual fund and institutional business segments, which are referred to as "global investment management" in the company's earnings release.
J.P. Morgan Chase's retail wealth management business, which includes the bank's mass-affluent Chase Private Client offering, saw a strong uptick in client investment assets, jumping to $221.5 billion at the end of the second quarter from $205.2 billion a year ago, an 8% increase.
More notably, the bank had 390,220 Chase Private Client customers at the end of the second quarter, up an astonishing 48% from a year ago. Chase Private Client targets investors with a minimum of $250,000 in investable assets.
Overall, J.P. Morgan earned $6.3 billion, or $1.54 per share, in the second quarter, up from $5.98 billion, or $1.46 per share, a year ago. Profits were up 6% from the first quarter.
"Our company had strong results this quarter, and each of our businesses performed well, with broad and consistent underlying growth," Jamie Dimon, chairman and CEO of J.P. Morgan Chase, said in a statement in the earnings release.
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