JP Morgan Chase 2014 Annual Report Download - page 104

Management’s discussion and analysis
102 JPMorgan Chase & Co./2014 Annual Report
Client assets
2014 compared with 2013
Client assets were $2.4 trillion, an increase of $44 billion,
or 2%, compared with the prior year. Excluding the sale of
Retirement Plan Services, client assets were up 8%
compared with the prior year. Assets under management
were $1.7 trillion, an increase of $146 billion, or 9%, from
the prior year, due to net inflows to long-term products and
the effect of higher market levels.
2013 compared with 2012
Client assets were $2.3 trillion at December 31, 2013, an
increase of $248 billion, or 12%, compared with the prior
year. Assets under management were $1.6 trillion, an
increase of $172 billion, or 12%, from the prior year, due
to net inflows to long-term products and the effect of higher
market levels. Custody, brokerage, administration and
deposit balances were $745 billion, up $76 billion, or 11%,
from the prior year, due to the effect of higher market levels
and custody inflows, partially offset by brokerage outflows.
Client assets
December 31,
(in billions) 2014 2013 2012
Assets by asset class
Liquidity $ 461 $ 451 $ 458
Fixed income 359 330 330
Equity 375 370 277
Multi-asset and alternatives 549 447 361
Total assets under management 1,744 1,598 1,426
Custody/brokerage/administration/
deposits 643 745 669
Total client assets $ 2,387 $ 2,343 $ 2,095
Memo:
Alternatives client assets(a) 166 158 142
Assets by client segment
Private Banking $ 428 $ 361 $ 318
Institutional 827 777 741
Retail 489 460 367
Total assets under management $ 1,744 $ 1,598 $ 1,426
Private Banking $ 1,057 $ 977 $ 877
Institutional 835 777 741
Retail 495 589 477
Total client assets $ 2,387 $ 2,343 $ 2,095
(a) Represents assets under management, as well as client balances in
brokerage accounts.
Client assets (continued)
Year ended December 31,
(in billions) 2014 2013 2012
Assets under management
rollforward
Beginning balance $ 1,598 $ 1,426 $ 1,336
Net asset flows:
Liquidity 18 (4) (41)
Fixed income 33 8 27
Equity 534 8
Multi-asset and alternatives 42 48 23
Market/performance/other impacts 48 86 73
Ending balance, December 31 $ 1,744 $ 1,598 $ 1,426
Client assets rollforward
Beginning balance $ 2,343 $ 2,095 $ 1,921
Net asset flows 118 80 60
Market/performance/other impacts (74) 168 114
Ending balance, December 31 $ 2,387 $ 2,343 $ 2,095
International metrics
Year ended December 31,
(in billions,
except where otherwise noted) 2014 2013 2012
Total net revenue (in millions)(a)
Europe/Middle East/Africa $ 2,080 $ 1,881 $ 1,641
Asia/Pacific 1,199 1,133 958
Latin America/Caribbean 841 879 773
North America 7,908 7,512 6,638
Total net revenue $ 12,028 $ 11,405 $ 10,010
Assets under management
Europe/Middle East/Africa $ 329 $ 305 $ 258
Asia/Pacific 126 132 114
Latin America/Caribbean 46 47 45
North America 1,243 1,114 1,009
Total assets under management $ 1,744 $ 1,598 $ 1,426
Client assets
Europe/Middle East/Africa $ 391 $ 367 $ 317
Asia/Pacific 174 180 160
Latin America/Caribbean 115 117 110
North America 1,707 1,679 1,508
Total client assets $ 2,387 $ 2,343 $ 2,095
(a) Regional revenue is based on the domicile of the client.