Three of the largest US bank-owned asset managers enjoyed strong revenue growth in the fourth quarter of 2012, with JP Morgan Asset Management and BNY Mellon reporting huge rises in net profits year-on-year.

JP Morgan Asset Management yesterday reported a "record" $2.8bn of fourth-quarter revenues, which drove net profits up to $483m for the period, a 60% increase compared with the fourth quarter in 2011 and 9% on the previous three months.