Net revenues at JPMorgan’s private banking division increased 5% in the third quarter of 2012 to $1.4bn on a year-on-year basis.

Private banking constitutes part of the bank’s asset management division, which has grown considerably since the third quarter of 2011.

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JPMorgan’s assets management unit recorded net income of $443m: up 15%, or $58m, from the previous year.

 

AuM up 10% year-on-year

Meanwhile net revenues amounted to $2.5bn: up 6%, or $143m, from the year before.

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Assets under supervision were $2trn: up 12%, or $225bn, on a year-on-year basis.

Assets under management at the AM unit were $1.4trn: up 10%, or $127bn over the same period, as a result of higher market levels and net inflows to long term products, the bank said.