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|
CEO of Asset and Wealth Management
, 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.)
Neil Anderson, Managing Editor
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