JP Morgan Chase 2015 Annual Report Download - page 114

Management’s discussion and analysis
104 JPMorgan Chase & Co./2015 Annual Report
Client assets
2015 compared with 2014
Client assets were $2.4 trillion, a decrease of 2% compared
with the prior year. Assets under management were $1.7
trillion, a decrease of 1% from the prior year due to the
effect of lower market levels partially offset by net inflows
to long-term products.
2014 compared with 2013
Client assets were $2.4 trillion, an increase of 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 9% from the prior year
due to net inflows to long-term products and the effect of
higher market levels.
Client assets
December 31,
(in billions) 2015 2014 2013
Assets by asset class
Liquidity $ 464 $ 461 $ 451
Fixed income 342 359 330
Equity 353 375 370
Multi-asset and alternatives 564 549 447
Total assets under management 1,723 1,744 1,598
Custody/brokerage/
administration/deposits 627 643 745
Total client assets $ 2,350 $ 2,387 $ 2,343
Memo:
Alternatives client assets(a) 172 166 158
Assets by client segment
Private Banking $ 437 $ 428 $ 361
Institutional 816 827 777
Retail 470 489 460
Total assets under management $ 1,723 $ 1,744 $ 1,598
Private Banking $ 1,050 $ 1,057 $ 977
Institutional 824 835 777
Retail 476 495 589
Total client assets $ 2,350 $ 2,387 $ 2,343
(a) Represents assets under management, as well as client balances in
brokerage accounts.
Client assets (continued)
Year ended December 31,
(in billions) 2015 2014 2013
Assets under management
rollforward
Beginning balance $ 1,744 $ 1,598 $ 1,426
Net asset flows:
Liquidity (1) 18 (4)
Fixed income (7) 33 8
Equity 1534
Multi-asset and alternatives 22 42 48
Market/performance/other impacts (36) 48 86
Ending balance, December 31 $ 1,723 $ 1,744 $ 1,598
Client assets rollforward
Beginning balance $ 2,387 $ 2,343 $ 2,095
Net asset flows 27 118 80
Market/performance/other impacts (64) (74) 168
Ending balance, December 31 $ 2,350 $ 2,387 $ 2,343
International metrics
Year ended December 31,
(in billions, except where
otherwise noted) 2015 2014 2013
Total net revenue (in millions)(a)
Europe/Middle East/Africa $ 1,946 $ 2,080 $ 1,881
Asia/Pacific 1,130 1,199 1,133
Latin America/Caribbean 795 841 879
Total international net revenue 3,871 4,120 3,893
North America 8,248 7,908 7,512
Total net revenue $ 12,119 $ 12,028 $ 11,405
Assets under management
Europe/Middle East/Africa $ 302 $ 329 $ 305
Asia/Pacific 123 126 132
Latin America/Caribbean 45 46 47
Total international assets under
management 470 501 484
North America 1,253 1,243 1,114
Total assets under management $ 1,723 $ 1,744 $ 1,598
Client assets
Europe/Middle East/Africa $ 351 $ 391 $ 367
Asia/Pacific 173 174 180
Latin America/Caribbean 110 115 117
Total international client assets 634 680 664
North America 1,716 1,707 1,679
Total client assets $ 2,350 $ 2,387 $ 2,343
(a) Regional revenue is based on the domicile of the client.