Being owned by a bank has handcuffed many mutual fund units. Just don’t tell that to JPMorgan Chase & Co.’s [JPM] J.P. Morgan Funds.

The unit increased its assets under management 6.97% last year to $445 billion and now it has its sights set on developing more assets through banks. On Monday, it announced it hired John Holcombe Boyd, the director of wealth management services for T. Rowe Price’s [TROW] third party distribution division, as a senior relationship manager who will focus on increasing distribution through banks and trust departments.

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