JPM · Forward model · Asset & Wealth Management
What has to happen in Asset & Wealth Management
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Asset & Wealth Management
Basis quarter$6.85B
Final quarter$11.54B
Implied CAGR+11%
Final revenue mix15%
Asset management plus the global private bank. $6.9B in the basis quarter, +19% year over year, 48% ROE, 38% pretax. AUM $5.1T with $50B of long-term net inflows. Management fees are 62% of revenue, so AUM is the volume tell and not a subscription driver.
Last four quarters
2025 Q3
$6.07B
Reported
2025 Q4
$6.52B
Reported
2026 Q1
$6.37B
Reported
2026 Q2
$6.85B
Reported
Asset ManagementGlobal Private Bank
Sequential growth
+4.0%/qtr
decaying toward +2.0%
4% QoQ, below the 7.5% Q1-to-Q2 print. AUM +18% YoY supports a mid-single-digit sequential.
Asset & Wealth Management
Latest: $11.54B (2031Q2E)
| Period | Value |
|---|---|
| 2025Q1 | $5.73B |
| 2025Q2 | $5.76B |
| 2025Q3 | $6.07B |
| 2025Q4 | $6.52B |
| 2026Q1 | $6.37B |
| 2026Q2 | $6.85B |
| 2026Q3E | $7.13B |
| 2026Q4E | $7.39B |
| 2027Q1E | $7.64B |
| 2027Q2E | $7.89B |
| 2027Q3E | $8.13B |
| 2027Q4E | $8.36B |
| 2028Q1E | $8.60B |
| 2028Q2E | $8.82B |
| 2028Q3E | $9.05B |
| 2028Q4E | $9.27B |
| 2029Q1E | $9.49B |
| 2029Q2E | $9.71B |
| 2029Q3E | $9.94B |
| 2029Q4E | $10.16B |
| 2030Q1E | $10.38B |
| 2030Q2E | $10.61B |
| 2030Q3E | $10.84B |
| 2030Q4E | $11.07B |
| 2031Q1E | $11.30B |
| 2031Q2E | $11.54B |
Assumptions & reasoning
- A growth driver rather than AUM × fee. Asset management fees $4,227M of $6,851M; the rest is private-bank NII and brokerage. Charging a fee on $5.14T would ignore that mix.
- AUM $5,140B, client assets $7,663B, long-term net inflows $50B. The Q1 dip to $6,374M from Q4 $6,516M is seasonal fees, not a franchise break.
- Pretax 38.4% matches the disclosed 38% AWM pretax-margin ratio. Terminal 38% holds that rather than expanding it.
- Asset Management $3,320M and Global Private Bank $3,531M are revenue sub-lines. Pretax is published only for AWM as a whole, plus the two pretax-margin ratios.