JPMorgan Chase & Co. has added 300 advisers and brokers this year as assets under management in its three wealth management businesses increased.
The New York-based financial services company announced Wednesday that asset and wealth management revenue increased 4% to $2.13 billion, but as expenses rose, profits from this business declined 2% to $420 million.
The company, which announced a 23% increase in third-quarter earnings Wednesday, said it attracted new assets by adding advisors. JPMorgan’s asset management division increased its advisors 17% from a year earlier to 2,209, while JPMorgan Securities’ broker increased 15% to 419.
Revenue across its three wealth businesses, JPMorgan Private Bank, JPMorgan Private Wealth Management and JPMorgan Securities, increased 9% to $1.18 billion from a year earlier and 2% from the previous quarter.
Client assets under management increased 7% to $276 billion during the quarter and 4% from a year earlier.
Overall, JPMorgan's assets under management were steady at $1.3 trillion from a year earlier. Analysts said that customers continue to move assets from cash and fixed-income products into longet term investments.
JPMorgan’s asset management division increased its advisors 17% from a year earlier to 2,209, while JPMorgan Securities’ broker increased 15% to 419.