JP Morgan Chase’s asset management unit posted net income of $386 million in the first quarter, a 17% decline from the year-ago quarter.

However, the unit saw record assets under management of $1.4 trillion, up 4% from the prior year. This came even as revenues slid 1% to $2.4 billion from the prior year. It also saw its assets under supervision hit a record $2 trillion, up 6% or $105  billion from the prior year.

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