J.P. Morgan Reorganizes ETF Sales, Replaces U.S. Distribution Head

18 Dec    Investing News

J.P. Morgan Asset Management has named a new head of sales for its U.S. exchange-traded fund business as part of a broader reorganization, according to an internal memo.

The bank, which generated $12 billion in new ETF assets this year, is merging its ETF sales “specialists” with its broader asset management sales teams. U.S. ETF distribution head Jillian DelSignore will be leaving to “pursue other opportunities,” according to the memo from the asset management division’s operating committee.

Bryon Lake, who runs J.P. Morgan’s international ETF business in London, will assume responsibility for ETF sales across the U.S., Latin America and Canada, reporting to Americas client funds and institutional head Andrea Lisher, the memo said. He will relocate to New York early next year, and also report to Steve Lundquist, who heads U.S. fund sales to registered investment advisors and other clients.

DelSignore, who joined J.P. Morgan Asset Management four years ago from BlackRock’s iShares unit, according to her LinkedIn profile, declined to comment on her future plans.

Lake joined J.P. Morgan almost three years ago from Invesco, where he worked for more than a decade, ending as head of its PowerShares business in Europe, the Middle East and Africa. A 2002 graduate of Taylor University in Indiana, Lake began his career in 2003 as a manager at a Fifth Third Bank branch, according to his LinkedIn profile.

“Bryon knows our ETF business well and was a key architect in the growth of our international franchise over the last three years,” the memo said.

No additional layoffs are expected  among ETF or asset management salespeople as a result of the reorganization.

Olivier Paquier, who runs ETF sales in continental Europe, will add Lake’s responsibilities for EMEA to his management responsibilities. Philippe El-Asmar, head of “beta” asset management strategies in Asia, is being promoted to run Asia-Pacific ETF sales as well as direct and digital fund sales in the region, the memo said.

J.P. Morgan manages $30 billion globally among 55 ETF products, according to the memo.

The decision to align ETF sales with the broader asset management organization follows the bank’s announcement last week that it is combining its 4,000 bank-branch wealth advisers in the U.S. with its approximately 450 J.P. Morgan Securities advisors into a unified U.S. Wealth Management business.

The wealth management restructuring aims to focus the new unit across the bank franchise on emerging affluent customers as well as wealthier individuals, while leaving relations with ultra-high-net worth families and individuals with the company’s traditional private bankers.

A J.P. Morgan spokeswoman declined to comment on the changes in the asset management unit.

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