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JP Morgan Asset Management has created a multi-asset business called Asset Management Solutions, which brings together certain asset management lines and will manage over $100 billion in client assets globally.

Asset Management Solutions will be led by 28-year JP Morgan veteran Seth Bernstein, who will report to Mary Erdoes, chief executive of JP Morgan Asset Management.

Bernstein previously led the global fixed income and currency business within the firm's investment management division and is replaced in this role by Chris Wilcox, former head of global rates within the investment bank.

The new unit brings together certain aspects of the firm’s investment management and private banking businesses. It combines the Global Multi-Asset Group (GMAG) from the investment management division, and the Global Access Portfolios and Thematic and Opportunistic teams from the private banking division. GMAG is a network of staff based in London and New York specializing in asset allocation, portfolio management and research, in both core and alternative asset classes.

“The new team will leverage its intellectual capital and combined investment acumen while the individual units will continue to focus on their respective client segments,” JP Morgan said in a statement.

JP Morgan Asset Management has $1.4 trillion in assets under management, as at 31 March.

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