Mar 18, 2009

  • J.P. Morgan Funds affirmed its support of the recommendations contained in the Report of the Money Market Working Group.

New York, March 18, 2009 – J.P. Morgan Funds, the 4th largest mutual fund complex in the U.S. (FRC, 1/31/09),  today affirmed its support of the recommendations contained in the Report of the Money Market Working Group, released by the Investment Company Institute (ICI).  J.P. Morgan is an active member of this working group and together with other industry leaders, was instrumental in the development of the extensive recommendations made in the report. 

"Money market funds have become an increasingly important investment and funding vehicle for the U.S. and global financial markets," said J.P. Morgan Asset Management CEO Jes Staley.  "The market conditions of 2008 revealed the need to reexamine this critical investment vehicle and ensure that it is better able to withstand market pressures.  The recommendations in this report address weaknesses exposed by the recent market downturn, but also, they explore unknown, potential issues and propose a set of changes that will hold all money market funds to a higher set of standards in the future."

J.P. Morgan Funds CEO George Gatch served on the ICI's core Money Market Working Group, and its Global Money Markets CIO John Donohue and other senior managers were among industry leaders that were actively involved in the analysis and recommendations. 

"Further strengthening money market funds and public confidence has been a top priority for the industry," said George Gatch.  "This report details a set of best practices that represent an exhaustive analysis of the structure, investment policies, operations and regulations that govern money market funds.  We fully support these recommendations and will be among the fund families that move quickly to implement them."

Money market funds are a core business for J.P. Morgan Asset Management.  Since September 2008, shareholders have invested a net additional $100 billion into the U.S. domiciled JP Morgan money funds, bringing its total U.S. assets under management to $375 billion (1/31/09). J.P. Morgan Funds is the 4th largest U.S. mutual fund complex, with $438 billion in assets under management (1/31/09).

JPMorgan Asset Management is the leading institutional money market fund manager globally, with a market share of 17% comprised of over $525 billion in assets under management (as of January 31, 2009, iMoneynet). 

J.P. Morgan Asset Management is the asset management business of JPMorgan Chase & Co., a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries (as of 12/31/08) The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity.  A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands.

JPMorgan 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., JPMorgan Investment Advisors, Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency.  Although money market funds strive to preserve the value of an investment at $1 per share, it is possible to lose money by investing in a money market fund. 

JPMorgan Distribution Services, Inc.


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