JP Morgan launches new asset management unit
GLOBAL - JP Morgan Asset Management is to consolidate its investment management and private banking businesses under a new banner, with its current global head of fixed income and currency named as head of the new group.
The new group, Asset Management Solutions (AMS), will manage around $100bn (€79bn) worth of funds.
JP Morgan said the move would still allow the three individual units - private banking's global access portfolios, thematic and opportunistic advisory programmes and investment management's global multi-asset group - to function independently, while pooling experience.
Seth Bernstein, global head of fixed income and currency, will assume responsibility for AMS, with head of global rates Chris Wilcox moving from JP Morgan's investment banking branch to succeed Bernstein.
Bernstein has held a number of rules in his nearly three decades at the company, across both the investment management and investment banking branches, covering equity markets and debt in his time, as well as holding client-facing roles.
Wilcox, meanwhile, has more than 20 years' experience in the industry, previously being chairman of Tradeweb and a current board member of the London Clearing House.