Administration August 2, 2005

JPMorgan Fleming Asset Management Acquires High Yield Firm

February 8, 2005 (PLANSPONSOR.com) - JPMorgan Fleming Asset Management has agreed to acquire Pacholder Associates, Inc., a Cincinnati, Ohio-based high yield investment advisory firm.

Reported by

Fred Schneyer

A JP Morgan news release said JPMorgan will acquire Pacholder Associates, Inc.’s investment advisory and fund administration businesses. Pacholder Associates has$2.5 billion under management as of year-end 2004.

Pacholder is led by William Morgan, a high yield portfolio manager who co-founded the firm in 1983 and who will report to Gary Madich, chief investment officer of JPMorgan Fleming Asset Management’s Columbus-based fixed income group, the announcement said.

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Prior to the acquisition, Pacholder was a joint venture partner with Banc One Investment Advisors (BOIA) in Banc One High Yield Partners LLC for the last six and a half years. Banc One Investment Advisors Corporation will acquire Pacholder Associates, Inc.’s interest in Banc One High Yield Partners, LLC and Pacholder & Company, LLC.

The Pacholder team, which will continue to reside in Cincinnati, has 13 investment professionals including three senior portfolio managers, one senior trader and nine sector-aligned high yield credit analysts.