Email
PrintFeb 12, 2008
- JPMorgan announced today the appointment of James E. Murphy as chief executive officer.
New York, February 12, 2008 - JPMorgan announced today the appointment of James E. Murphy as chief executive officer (“CEO”) of JPMorgan Retirement Plan Services. Mr. Murphy will be responsible for leading the strategy for the firm’s retirement platform. He will report to Eve Guernsey, CEO, JPMorgan Asset Management, Americas, and will join the Americas Executive Committee with immediate effect.
Mr. Murphy joins JPMorgan from State Street Corporation where he served as president of CitiStreet LLC and was responsible for overseeing the health and welfare business, IT, client service and product development.
Mr. Murphy joined State Street Corporation in 1981 and has over 30 years of industry experience and a long track record of success in managing the growth and integration of benefits businesses, with an emphasis on operational efficiency and technological leadership. He led CitiStreet's Total Benefits Outsourcing (“TBO”) division from 2000 to 2005 and was the principal and chief operating officer of State Street's Retirement Services division from 1991 to 1998, responsible for the firm's defined contribution plan administration and defined benefit payment operations businesses. In 1999, he was involved in establishing Wellspring, a joint venture between State Street Corporation and Watson Wyatt in the total benefits outsourcing business, before becoming president of CitiStreet's TBO group.
“We are committed to building on the achievements and growth of our retirement plan services business. Jim's extensive experience and insights in multiple aspects of the retirement and benefits industry make him an outstanding choice to lead our retirement franchise as we pursue our goal of being the best provider in the industry,” said Eve Guernsey, CEO, JPMorgan Asset Management, Americas.
“With JPMorgan’s extensive platform and resources, the Retirement Plan Services business is uniquely positioned to offer clients first-class service and solutions. I very much look forward to joining the JPMorgan team and working with them to build on the huge success they have already seen,” said James E. Murphy, CEO, JPMorgan Retirement Plan Services.
About JPMorgan Retirement Plan Services
JPMorgan Retirement Plan Services provides bundled defined contribution services and access to a range of investment options to about 200 corporate clients, representing about 370 plans and more than 1.4 million retirement plan participants in its institutional segment. As the seventh-largest defined contribution recordkeeper ranked by recordkeeping assets under administration (source: Plan Sponsor June 2007), the business administers plan assets of more than $108 billion, as of December 31, 2007. The firm’s emerging market business includes about 625 bundled defined contribution plans, nearly 100,000 participants and more than $4 billion in assets under administration, as of December 31, 2007. In both segments, through a direct offering and alliances with other best-in-class providers, JPMorgan Retirement Plan Services integrates services for defined contribution, defined benefit, deferred compensation and stock-based compensation plans. JPMorgan Retirement Plan Services employs nearly 1,100 people and is a subsidiary of JPMorgan Chase.
IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.