JPMorgan Chase & Co's (JPM.N) asset management business has created a new unit, which will oversee $100 billion in assets under management and incorporate teams from the company's investment management and wealth management divisions.
The new unit, called Asset Management Solutions, will be run by Seth Bernstein, former head of JPMorgan's global fixed income and currency business. He will report to Mary Erdoes, chief executive of J.P.Morgan Asset Management.
JPMorgan's Global Multi-Asset Group, which oversees $70 billion in assets under management, and its Institutional Strategy Group will join the new solutions unit from J.P. Morgan's investment management division.
The Global Access Portfolios and J.P.Morgan Advisory Program will join the unit from J.P.Morgan's global wealth management division.
Bernstein, who has been with the company for nearly three decades, had been in his previous role overseeing U.S. and international fixed income and currency investment activities for the past 10 years. He will be succeeded by Chris Willcox, former head of global rates in the company's investment bank division, who will also report to Erdoes.
(Reporting By Ashley Lau in New York; Editing by Walden Siew and Maureen Bavdek)