JPMorgan Asset Management said on Monday its separately managed account business has reached the $5 billion mark in assets under management after just four years in the business.

JPMorgan Asset Management, a subsidiary of the nation's second largest bank, more than tripled its business in 2004 on the strength of its product offering in municipals, mid-cap value, large cap and international equities. That represents a 211% growth rate year-over-year compared to an industry growth rate of 15.9%, according to Cerulli Associates.

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