J.P. Morgan Asset Management has named George Gatch, the president and chief executive of J.P. Morgan Funds, as chief executive of its investment management Americas business, replacing Eve Guernsey.
The firm said in April that Ms. Guernsey, 55, who has been with the firm since 1977, planned to retire at the end of the year.
“In this role, George will assume overall responsibility for all of the investment management businesses on the U.S. platform,” according to a June 28 memorandum from Mary Callahan Erdoes, chief executive of J.P. Morgan's asset management business, and Clive Brown, chief operating officer of J.P. Morgan Investment Management. “In addition to his current responsibilities for U.S. retail mutual funds and global liquidity, he now also will be responsible for both the U.S. institutional and the [retirement plan services] business that currently report directly to Eve Guernsey.”
Mr. Gatch's promotion is in line with the firm's initiative to run the global investment management business using a regional governance model, according to the memo. To that end, David Hsu has been tapped to oversee the Asia-Pacific region and Jamie Broderick has been named regional head for the United Kingdom, continental Europe and Latin America, according to the memo.
Mr. Gatch wasn't available for comment, said Kristen Chambers, a spokeswoman.
Mr. Gatch, a 24-year veteran of the firm, launched J.P Morgan's first retail mutual funds over the past decade. He has overseen the growth of the fund complex, which now ranks as the fourth-largest mutual fund company in the United States, with more than 100 products and $450 billion in assets.