Bear Stearns Private Client Services, which was bought by JPMorgan Chase in March last year as its former parent company collapsed, has boosted revenues and assets over the past year.

Bear Stearns reported assets under management of $15 billion in the third quarter, up from $8 billion in the same period last year and $12 billion last quarter. It has also seen a 10% increase in revenue to $102 million in the third quarter versus the same period last year. However, revenues at the unit were down 7% from the second quarter of 2009 when they reached $110 million.

Bear Stearns has also been attracting advisors. It now has 365 advisors, up from 323 in the same period last year. Unlike advisors in the other two JPMorgan wealth management channels—JPMorgan Private Wealth Management and JPMorgan Private Bank—advisors at Bear Stearns are paid on a fee/commission basis. Advisors in the other two channels are paid a salary and bonus.

Alois Pirker, research director at Aite Group, says it’s a positive sign for Bear Stearns’ place within JPMorgan. “When they bought Bear Stearns, JPMorgan had to decide what to sell and what to keep. This shows (Bear Stearns) is a strong business with opportunities to expand,” says Pirker.

Meanwhile, JPMorgan Wealth Management, which generally serves clients with between $1 million and $25 million in investable assets, posted revenues of $339 million, a 4% drop from the same period last year. It also saw a 5% decrease in assets under management to $71 billion from last year.

And JPMorgan Private Bank, which generally serves ultra-high-net-worth clients with at least $25 million in investable assets, saw a 7% decrease in client assets under management to $180 billion versus the same period last year. Revenue at the Private Bank increased 1% to $639 million over the past year.

Overall, JPMorgan Chase posted strong profits of $3.6 billion for the third quarter, up from $527 million in the same period last year.