JPMorgan, the asset management unit of J.P. Morgan Chase & Co., has taken sole ownership of its joint venture retirement plan with American Century Investments.

What was J.P. Morgan/American Century Retirement Plan Services is now JPMorgan Retirement Plan Services.

The joint venture was created in January 1998 to sell bundled defined contribution services and investment options. It has 170 corporate clients, 793,754 retirement plan participants and assets of $45.2 billion.

The transfer of ownership does not change JPMorgan's 45% equity stake in American Century.

American Century President and Chief Executive Officer William M. Lyons said the ownership transfer was part of American Century's long-term strategy to concentrate on its investment management business.

Copyright 2003 Thomson Media Inc. All Rights Reserved.

http://www.thomsonmedia.com http://www.mmexecutive.com

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.