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Murdoch has turned from asset to liability".
The two firms benefited greatly from asset sales.
Net income tripled on gains from asset sales.
The realised profits, which came from asset sales, were £216m.
The addition of Fleming also gives Chase new revenue streams from asset management.
A further $3.8 billion came from asset management, and Credit Suisse Financial Services added $2.6 billion.
Who needs a growing economy when you have paper profits from asset sales?
It generated £2.438bn from asset sales, and also spent £1.576bn on new investments.
The improved earnings were largely a result of proceeds from asset sales and tax gains.
Conversion from asset accumulation to income production is the hard part of the retirement security process.
The net income included 952 million euros in gains from asset sales.
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