Paul Bateman, now head of JPMorgan Fleming Asset Management for Europe, Asia and Japan, has been appointed CEO in Dewhurst’s stead, effective October 1.
What makes the switch more than just rote is that Bateman has Fleming, not JP Morgan, in his genes – he was previously global head of Chase Fleming Asset Management following the merger between Chase Manhattan and Robert Fleming Holdings in August 2000.
Prior to this he was executive chairman of Robert Fleming Asset Management from 1995 and in fact joined Fleming in 1967. Most observers presumed that Fleming’s asset management arm would simply disappear into the maw of the massive JP Morgan investment group when Chase and JP Morgan merged, but in fact Fleming has shown unexpected strength and has retained its own culture within Morgan.
Now the venerable JP Morgan investment operation, one of the top five asset managers globally, and one of the handful of surviving bank investment groups that has successfully run institutional funds for a generation and more, has a Fleming as opposed to a Morgan man at the fore.