MutualFundWire.com: Is This Wall Street Titan Hunting Fund Firms?

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Wednesday, December 9, 2020

Is This Wall Street Titan Hunting Fund Firms?

The high-profile chief of a money center bank is on the hunt for fund firms. The publicly traded titan already has its own giant asset management arm, too.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management

Jamie Dimon, CEO of JPMorgan Chase, speaking yesterday at an annual Goldman Sachs financial services conference, urged even competing investment bankers to bring M&A ideas to him in a variety of areas, including asset management, Bloomberg reports. He praised a rival banking behemoth for its recent deals (which include a huge asset management acquisition) and confirmed why he's interested in asset managers.

"So asset management, my line is open," Dimon reportedly said. "It's a scaled business. It's a distribution business. It's a brand business. It's got to make sense."

J.P. Morgan already has its own asset management arm, J.P. Morgan Asset Management (JPMAM). Asset and wealth management (which includes JPMAM) had $2.595 trillion in AUM as of September 30, 2020, plus another $917 billion in AUA. The unit brought in $877 million in net income in Q3 2020. (That's about 9.3 percent of JPMorgan Chase's total net income.)

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