Dec 20 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.