According to an internal Bank One memo quoted by Reuters, the move will include portfolio managers, traders and analysts of Banc One Investment Advisors as it is integrated into JPMorgan Fleming Asset Management, Fleming’s Chief Executive Paul Bateman and Chairman Dave Kundert said. The relocation is expected to take place by year end.
Some of the affected workers may be offered jobs in New York while others may lose their jobs, but all of the work they do will be done in New York after the merger closes on July 1, Reuters said. Not included in the move are Bank One’s Columbus, Ohio-based quantitative team and small-cap value group. The diversified international equity product will move to the firm’s London-based international investment management team, bank officials said.
“We believe that managing the core of our domestic equity products in New York will enhance our ability to share intellectual capital, investment research and market knowledge,” the memo said.