Record Year For Asset Management Boosts JPMorgan

Jan 14 2011 | 10:51am ET

JPMorgan's hedge funds helped propel the bank to a huge profit last year, it said today.

The banking giant said it earned $17.4 billion last year, 48% more than in 2009. The firm's asset management division, including its hedge funds, chipped in a record $2.61 billion in revenue as assets under management increased 4% to $1.3 trillion.

"Solid performance in the quarter and for the year reflected good results across most of our businesses, which benefited from strong client relationships and continued investments for growth," CEO Jamie Dimon said.

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