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Monday, March 01, 2010

JPMorgan Banks on Boyd

Reported by InvestmentWires Staff, 

JPMorgan Asset Management hired John Holcombe Boyd, previously with T. Rowe Price, as senior relationship manager focusing on distribution through banks and trust departments. Boyd, who starts at JPMorgan today, reports to managing director Jed Laskowitz, who oversees sales via broker-dealers, insurers, banks and RIAs.

Boyd's post is new.

"We've been covering banks and trust departments for some time through the various client channels we operate in," Laskowitz said in an interview with The MFWire. "We thought that given the strong momentum in our business and the growth in third-party assets in the bank channel, it's a great time to add a person dedicated to this space."

Citing numbers from research firm Cerulli Associates, Laskowitz noted that from 2001 to 2008, third-party assets in the bank channel increased from 23 percent to 33 percent.

Prior to joining JPMorgan, Boyd spent 10 years at T. Rowe, most recently in the role of director of wealth management services for the third-party distribution division. He led a team focused on financial institutions, including banks.

A T. Rowe spokesperson was not immediately available for comment on how Boyd's former duties are being handled.

Boyd's arrival at JPMorgan comes on the heels of a year in which JPMorgan Funds saw a 30 percent overall expansion in its sales force, of which Laskowitz's group is a part. The expansion "is in line with the growth we've experienced in assets over the last year," he said.

JPMorgan Funds ended 2009 with $445 billion in AUM.  

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