NEW YORK, April 14 (Reuters) - JPMorgan Chase & Co’s (JPM.N) private banking revenue surged in the first quarter as the bank trounced earnings forecasts, but its broader wealth management businesses showed little growth.
Revenue at JPMorgan Private Bank rose 20 percent from a year earlier to $698 million as resurgent markets boosted the assets of ultra-wealthy families.
In the private wealth management business, which caters to the merely rich, revenue grew 10 percent to $343 million.
JPMorgan Securities, which until Jan. 1 was known as Bear Stearns Private Client Services, boosted revenue by 15 percent to $109 million.
Overall, JPMorgan’s wealth advisory and investment funds businesses had $1.219 trillion under management, up 9 percent from a year earlier, though rising markets helped mask the impact of $40 billion of assets withdrawn by clients.
JPMorgan said most of the outflows came from “liquidity products” — namely cash-like money market funds.
Broken down by business, private bank client assets rose 2 percent over the year to $184 billion, while assets in private wealth management — originally acquired from Banc One — rose 3 percent to $70 billion.
At JPMorgan Securities, the retail brokerage, client assets were little changed at $14 billion.
Broker headcount from the old Bear Stearns business climbed by 31, or 9 percent, to 390 during the year. The number of client advisers, spanning all the asset management business, rose 6 percent to 1,987. (Reporting by Joseph A. Giannone; Editing by Ted Kerr)