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JP Morgan Partners posts $10m net earnings compared to $278m losses this time last year

JP Morgan Partners has reported net operating earnings of $10m for the third quarter of 2003 compared to losses of $120m in the previous quarter. The quarter's earnings also represent a dramatic improvement on the net operating losses of $278m, which the firm reported for the same period last year.

JP Morgan Partners' direct private equity investments recorded net gains of $161m compared to net losses of $239m in the third quarter of 2002. The firm's fund of fund's investments resulted in net losses of $41m, a slight improvement from losses of $60m in the third quarter of 2002.

These impressive operating results come less than three months after parent company JP Morgan Chase announced that it was to slash its commitment to JP Morgan Partners' $8bn private equity fund by $1.4bn. The cut was in line with the firm's declared intent to reduce its exposure to the asset class.

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