A high profile fundster from an independent asset manager is joining a giant bank's board of directors today.

Mellody Hobson, the 48-year-old president of Chicago-based Ariel Investments, is taking a board seat at New York City-based J.P. Morgan Chase, J.P. Morgan CEO Jamie Dimon confirms. Hobson's move comes in advance of Crandall Bowles, 70, retiring from the J.P. Morgan Chase board in May.

Reuters reported on Hobson's move.

Hobson will be one of two women and the only asset management executive on the board of J.P. Morgan Chase. (The bank also has its own asset management arm, J.P. Morgan Asset Management.) Hobson already serves on several other corporate boards, including Ariel's board.

Dimon praises Hobson as "one of the most highly respected and knowledgable leaders in business today, with valuable experience in corporate governance, financial markets, communications and leadership." 

Edited by: Neil Anderson, Managing Editor


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