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JP Morgan Profits Surge Driven By Asset Management and Private Equity

Stephen Harris

19 July 2007

Net income at JP Morgan Chase rose 20 per cent in the second quarter, driven by its investment-bank and asset-management businesses and large private-equity gains. Asset-management earnings rose 44 per cent to $493 million as revenue increased 32 per cent to $2.14 billion amid higher assets under management and improved performances. Private equity investments produced gains of $1.3 billion compared to $549 million a year ago.