JPMorgan Asset Management has named George Gatch, currently CEO of its mutual funds business, as the new head of investment management services for the U.S. and Canada. He is effectively replacing Eve Guernsey, who is retiring, the firm confirmed Monday.

According to an internal investment management announcement, Gatch will retain his current role with JPMorgan Mutual Funds and assume the additional duties previously held by Guernsey. In an email to IMW, the firm said Gatch "will now also be responsible for both the U.S. institutional and [Retirement Plan Services] business."

The announcement added that over the next few months, "Eve will work with George as he transitions fully into his expanded role."

In 1977, Guernsey first joined the financial services goliath. Currently, she is responsible for all business, and management facets of the money management arm. With his recent promotion, Gatch, a 24-year veteran, will report directly to Clive Brown, the CEO Investment Management International at JPMorgan, the internal memo said.

"The intention is to increasingly run the [Investment Management] global business utilizing a regional governance model that is overseen, supplemented and supported by an [Investment Management] Operating Committee from a business and oversight perspective and by the asset management investment committee from an investment perspective," the correspondence stated.

Currently, JPMorgan Asset Management has $1.2 trillion in assets under management for it institutional, high-net-worth and retail clients, its Web site said.

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