(Bloomberg) -- J.P. Morgan’s Matt Malloy has stepped down as head of institutional solutions and advisory, a job that involved working with asset-management clients such as insurers and pensions, according to a person with knowledge of his departure.
The bank is weighing options for a replacement, said the person, who asked not to be identified because there was no public announcement by the New York-based lender.
J.P. Morgan hired Malloy in 2010 from Goldman Sachs. Assets under management for insurers climbed to more than $70 billion, and he bolstered staff with additions from companies including MetLife and American International.
Mary Erdoes, chief executive officer of asset management at the J.P. Morgan, praised Malloy in February, as she highlighted her group’s work with insurers, endowments and foundations.
“They continue to have really outstanding growth,” she said at a presentation.
Investment professionals with insurance credentials have been in demand in recent years as companies cope with low interest rates and increased regulation. Guardian Life Insurance announced in December that it hired Doug Niemann from J.P. Morgan. Aflac and Lincoln National have brought on chief investment officers from Goldman Sachs.
Malloy worked at UBS and Chubb before joining J.P. Morgan. He has a bachelor’s degree from Washington & Lee University, and an MBA from Duke University’s Fuqua School of Business, J.P. Morgan said in 2010. He didn’t immediately return requests for comment.