Net profits at JP Morgan Asset Management rose 11% in the second quarter on the back of strong growth in its private banking business, which helped the group rebound after a difficult opening three months to the year.

The funds arm of the Wall Street bank posted a $39m (€24m) rise in net profits to $395m in the three months to June 30, up from $356m at the end of the previous quarter but still down against the $493m in the second quarter of last year. Net profits during the first three months of the year had fallen 16% in the division.