J.P. Morgan picks up a Pimco big – again

J.P. Morgan picks up a Pimco big – again
J.P. Morgan Asset Management has tapped its <a href= http://www.investmentnews.com/article/20110404/FREE/110409984 second Pimco exec</a> this month to help expand distribution.
APR 04, 2011
J.P. Morgan Asset Management has tapped its second Pimco exec this month to help expand distribution. The firm has hired Bob Fields, a former senior VP and municipal bond manager at Pacific Investment Management Co. LLC, to oversee West Coast sales of J.P. Morgan's fixed-income products to advisers. Mr. Fields' new title will be executive director and client portfolio manager in the tax-aware fixed-income group — a new position, said Connie Plaehn, managing director and head of the fixed-income wealth advisory team at J.P. Morgan. The firm has been staffing up its retail wholesaling force aggressively. Since mid-2009, the firm has increased its sales force by over 50%. This growth also has included hiring reps targeting registered investment advisers in the West Coast — an area of expertise for Mr. Fields, Ms. Plaehn said. “We have been talking on and off for three years,” she said. Mr. Fields will report to Ms. Plaehn. Also now that J.P. Morgan's parent, JPMorgan Chase & Co., has converted the Washington Mutual Inc. branches into Chase branches in the wake of its 2008 acquisition, the firm sees a lot of opportunity to expand its fixed-income presence, Ms. Plaehn said. As part of that acquisition, JPMorgan Chase inherited 730 Washington Mutual branches in California. Mr. Fields starts May 9. Mark Porterfield, spokesman for Pimco, didn't return an e-mail and call about how the firm will replace Mr. Fields. Mr. Fields is the second Pimco exec that J.P. Morgan has hired in the past month. As reported on InvestmentNews.com, J.P. Morgan hired Lee Beck, a former senior VP at Pimco, to oversee sales with key party distributors. Ms. Plaehn said the two hires are merely a coincidence, and the firm isn't targeting Pimco with its recruiting efforts.

Latest News

Modera, Simplicity announce new acquisitions in busy day for industry M&A
Modera, Simplicity announce new acquisitions in busy day for industry M&A

Two RIAs expand their geographic footprints with deals in New York's Capital Region and coastal Alabama.

Advisor moves: Ameriprise, Prospera, Raymond James land teams with $920M in assets
Advisor moves: Ameriprise, Prospera, Raymond James land teams with $920M in assets

A 27-year Merrill veteran, Florida advisors, and a trio of New Jersey advisors just moved to new platforms.

LPL Research launches 17 model portfolios, hitting $100B in AUM
LPL Research launches 17 model portfolios, hitting $100B in AUM

Broker-dealer expands its model portfolio platform with modular building block strategies designed to give advisors greater customization at scale.

Wealth Enhancement adds $592M Chicago-area RIA
Wealth Enhancement adds $592M Chicago-area RIA

The mega-RIA with roughly $160 billion in client assets remains firmly in acquisition mode amid rumors of private equity giants vying to scoop it up.

Annuity sales hit a record as war and Fed jitters redraw fixed income
Annuity sales hit a record as war and Fed jitters redraw fixed income

Record annuity demand for principal protection collides with the most hawkish Fed dissent since 2016.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income