JPMorgan names CUNY chancellor new funds chairman

Thu Dec 20, 2012 4:48pm EST

Dec 20 (Reuters) - The board overseeing mutual funds run by JPMorgan Chase & Co has elected as its new chairman Matthew Goldstein, chancellor of the City University of New York.

Goldstein will take over the chairmanship at the start of the year from the long-serving prior chair Fergus Reid, who is retiring, said board attorney Carl Frischling.

The board oversees 169 funds with $380 billion in assets.

Reid, 80, drew praise from fund research firm Morningstar Inc. as an effective voice on the body charged with looking out for shareholder interests.

Morningstar lowered its governance rating on the board to "C" from "A" when news of Reid's pending retirement was disclosed in a filing last month.

A spokesman for JPMorgan declined to comment. Goldstein did not immediately return a message left at his CUNY office. Frischling said he knows of no change to Goldstein's CUNY role.

Goldstein has been a JPMorgan funds trustee since 2003. He has served in various academic positions including president of Baruch College, president of the Research Foundation and president of Adelphi University, according to his official biography on the CUNY website.

Other fund boards include academic leaders. University of Pennsylvania President Amy Gutmann sits on the board of Vanguard Group Inc, for instance.

Fund board members are well-paid. A securities filing shows Reid received $500,000 in compensation from the JPMorgan funds complex in 2011, including $100,000 in deferred compensation, while Goldstein received $325,000.

Securities filings also show several other JPMorgan fund board trustees are set to retire. New trustees to replace them include Mary Martinez, a Christie's executive; Mitchell Merin, a former Morgan Stanley executive; and Marian Pardo, founder of Virtual Capital Management LLC, an investment consulting firm.

Reid is also chair of a plastics manufacturer. He will remain on a separate post he holds as a trustee of funds run by Morgan Stanley, Frischling said.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video