JP Morgan Fleming, mutual fund subsidiary of the financial services giant JP Morgan, has been named the sub-advisor to the First American International Fund, the companies announced. The move is subject to shareholder approval, with the tentative vote date set as Dec. 7, 2004.
If approved, JP Morgan will take over the sub-advisory responsibilities from Clay Finlay Inc. almost immediately after the vote.
These First American Funds, which are advised by U.S. Bancorp Asset Management, would come under the jurisdiction of New York-based JP Morgan and one of its top senior portfolio managers, James Fisher. Fisher has been with JP Morgan since 1985, and currently works out of the companys London office as a director of the firms global portfolio team.
JP Morgans management style will follow that of longstanding company bottom-up fund investment strategy, which aims to first rank local stocks and then evaluate them against London-based analysts recommendations.
Currently, First American Funds are ranked No. 5 among U.S.-based bank proprietary fund families. They possess more than $55.3 billion in its open-end funds.
