J.P. MORGAN ASSET MANAGEMENT HIRES MICHAEL FALCON TO HEAD RETIREMENT BUSINESS
Nov 30, 2010
New York, N.Y. , November 30, 2010 – J.P. Morgan Asset Management (NYSE: JPM) today announced that it has hired Michael Falcon as Managing Director and Head of Retirement in the U.S. and Canada. Michael will be based in New York at the firm’s headquarters at 270 Park Avenue and will report to George Gatch, Chief Executive Officer of J.P. Morgan Investment Management Americas.
”The retirement industry is poised to enter a period of unprecedented growth and expansion, with Defined Contribution, Individual Retirement Accounts and after tax retirement savings increasingly generating the bulk of investable assets,” said Mr. Gatch.
“Bringing on someone with Michael’s experience will ensure that we expand our retirement offering to be even more comprehensive, addressing new market realities and the current needs of Americans who are saving for retirement.”
Mr. Falcon is a recognized leader in the retirement industry with 25 years of experience in personal finance, investments, banking and consumer products. Most recently, Michael has been managing a financial media and consulting firm founded by NBC’s Today financial editor Jean Chatzky, as well as serving Knowledgent Group and BrightScope.com as a senior advisor. Between 2000 and 2008, Michael was a senior executive in Merrill Lynch’s Wealth Management business, where he ran the retirement group, providing 401(k), DB, NQDC, IRA, 529, Equity Award and Retirement Planning solutions to corporations, individuals and financial advisors. He began his career at The Chase Manhattan Bank in 1985 and later spent 11 years with Sara Lee Corporation in Chicago, Paris and North Carolina.
J.P. Morgan Asset Management already has an industry leading Retirement Plan Services business in Kansas City, with over 1.8 million participants and $113 billion in retirement plan assets (9/30/10). It also has a significant and fast growing business providing investment solutions and insights to Defined Contribution plan sponsors, advisors, and administrators across the country. These businesses will report to Mr. Falcon as core components of a new retirement strategy.
“J.P. Morgan is uniquely positioned with all of the necessary components to create holistic retirement offerings that serve everyone including individual investors, employers, plan providers and financial advisors,” said Mr. Falcon. “Whether we look at investment products and capabilities, wealth management services, retail or corporate banking, there are opportunities to offer a broad range of top-notch products and services to the retirement market.”
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under supervision of approximately $1.8 trillion and assets under management of $1.3 trillion (as of 9/30/10), is a global leader in investment management. J.P. Morgan Asset Management’s clients include institutions, retail investors and high-net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. JPMorgan Chase & Co. (NYSE: JPM), the parent company of J.P. Morgan Asset Management, is a leading global asset management firm with assets of approximately $2.1 trillion and operations in more than 60 countries. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.