At the end of July, JP Morgan Funds had $108 billion in assets under management in 67 funds in the US. At the same time, One Group Mutual Funds had $101 billion in assets under management in 49 funds in the US The groups, according to Dow Jones, will spend the next six months integrating their operations, including adopting common service providers, transfer agents and accounting. About 40 of the funds will be merged for overlapping or duplicative reasons.
George Gatch, starting September 15, will be president of Bank One’s former mutual fund business. Since 2000, he has been the president of JP Morgan Funds, and will continue in this role along with his new appointment, according to Dow Jones. Under the leadership of Gatch, the combined funds will be advised by JPMorgan Investment Management and Banc One Investment Advisors, both of which are part of JPMorgan Fleming Asset Management.
Shareholders are expected to vote on a move to create a combined Board of Trustees in January.