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JP Morgan to hire new UK institutional staff

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UK - JP Morgan Fleming Asset Management says it is looking to hire new staff in the UK this year amid a 13% growth in assets under management.

The firm said its UK institutional business gained 30 new mandates in 2004 which resulted in an ex-market growth of 13% in institutional assets under management.

"As our growth continues we will be looking to further strengthen the UK institutional team with new hires in 2005," said Peter Ball, head of UK institutional business.

The firm said the mandates were spread over 15 products. It saw "significant inflows" into UK equities and mandate wins for global equities, Japanese equities and fund of hedge funds products. No client names were disclosed.

"We are delighted with our performance in 2004, which we believe to be a clear indication that UK pension funds and their advisors are increasingly recognising the strengths of our investment capabilities," Ball said.

In December the firm revamped its management when mark White, head of international institutional business, left the company after 28 years to "pursue external opportunities".

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