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## ASSET & WEALTH MANAGEMENT 

Asset & Wealth Management, with client assets of $3.7 trillion, is a global leader in investment and wealth management. 

## Asset Management 

Offers multi-asset investment management solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs. 

## Wealth Management 

Provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients. 

The majority of AWM’s client assets are in actively managed portfolios. 

## Selected income statement data 

<img src='content_image/1057340.jpg'>

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation, including a decrease to net revenue of $725 million and $649 million for the years ended December 31, 2019 and 2018, respectively. Effective in the first quarter of 2021, the Wealth Management business was renamed Global Private Bank. 

## 2020 compared with 2019 

Net income was $3.0 billion, an increase of 4%. 

Net revenue was $14.2 billion, an increase of 5%. Net interest income was $3.4 billion, up 2%, driven by higher deposit and loan balances as well as loan margin expansion, offset by deposit margin compression. Noninterest revenue was $10.8 billion, up 6%, predominantly driven by higher asset management fees as a result of net inflows into liquidity and long term products, higher performance fees and increased brokerage commissions on higher client-driven volume, partially offset by lower net investment valuation gains. 

Revenue from Asset Management was $7.7 billion, up 6%, predominantly driven by higher asset management fees as a result of net inflows into liquidity products as well as higher performance fees, partially offset by lower net investment valuation gains. 

Revenue from Wealth Management was $6.6 billion, up 4%, predominantly driven by higher deposit and loan balances, increased brokerage commissions and asset management fees, largely offset by deposit margin compression. 

The provision for credit losses was $263 million, driven by additions to the allowance for credit losses, predominantly as a result of the impact of the COVID-19 pandemic. 

Noninterest expense was $10.0 billion, an increase of 2%, driven by legal expense, volume- and revenue-related expense as well as investments in the business, partially offset by lower structural expense. 

