JPMorgan Chase & Co.’s net income from its asset management business was 20% higher than the prior year, according to its fourth quarter report released Friday.

Net income rose $83 million to $507 million, while overall revenue rose 19%, or $418 million, to $2.6 billion due to favorable market conditions and higher performance fees.

Private banking revenue was up 18% to $1.4 billion, and assets under supervision grew by $139 billion, or 8%, to $1.8 trillion. Assets under management increase by $49 billion, or 4%, to $1.3 trillion, as improved market conditions and inflows into long-term investments offset net outflows in short-term liquidity products, the bank’s earnings report said.