PNC Bank's brokerage business delivered a strong fourth quarter, while its asset management group turned in a mixed performance, according to the company's latest financial results released Friday.

The bank's asset management group, which includes personal wealth management for high-net-worth and ultra-high-net-worth clients, generated $376 million in fourth-quarter revenue, down by $35 million, or 9%, from the previous quarter but up 3% year-over-year. For the full year, the asset management group brought in $1.5 billion, a 13% jump from $1.3 billion in 2013.

The $35 million drop in revenue from the previous quarter was "entirely due to lower earnings from PNC's equity investment in BlackRock," the bank's CFO Robert Q. Reilly said during the earnings call. He attributed the 13% jump in revenue for the year overall to "stronger equity markets and sales production."

According to the earnings release, the asset management group earned $45 million in fourth-quarter profit, down 2% from the previous quarter but up 25% from the $36 million it earned in the fourth quarter of 2013. 

At the end of 2014, the group had $135 billion in assets under management, up from $127 billion in 2013. Its assets under administration totaled $263 billion.

"Inside our asset management group, we continue to grow assets under administration driven by increases in the equities markets, new sales production and cross-sell referrals from other lines of business," PNC's chairman, president and CEO William Demchak said during the earnings call.

The brokerage unit, in contrast, delivered a decidedly strong fourth quarter, generating $64 million in revenue, up 6% from the previous quarter and up 12% year-over-year. For the full year, brokerage services pulled in $240 million, a 7% increase from $224 million in 2013.

At the end of 2014, the brokerage business had $43 billion in client assets, up 5% from $41 billion the year before.  

Overall, PNC's parent company earned $1.1 billion, or $1.84 per diluted common share, in the fourth quarter, compared with $1.1 billion, or $1.87 per diluted common share, for the fourth quarter of 2013.

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