Wells Fargo has reported a year-on-year rise in net income at its wealth and investment management arm.

Net income at the wealth and investment management division of Wells Fargo was $595 million for the final quarter of 2015, up $76 million, or 15 per cent, from the same period a year ago.

Net income was down 2 per cent however on the previous quarter.

WIM revenue of $3.9 billion increased by $34 million, or 1 per cent, year-on-year and 2 per cent on the prior quarter.

Wealth management client assets of $225 billion were flat year-on-year while total assets under management of $490 billion were down $6 billion as equity outflows and lower market valuations were partially offset by fixed income net client inflows.

WIM (formerly wealth, brokerage and retirement) provides wealth management, investment and retirement products and services to clients across US-based businesses including Wells Fargo Advisors, The Private Bank, Abbot Downing, Wells Fargo Institutional Retirement and Trust, and Wells Fargo Asset Management.

Wells Fargo & Company logged net income of $5.7 billion for Q4 2015 compared with $5.7 billion a year ago and $5.8 billion for the previous quarter.