JPMorgan’s five-year plan to boost its mutual fund business appears to be paying off, with the company attracting $26 billion in 2008, making it the third best-selling fund family for the year, excluding money market funds, behind Vanguard and PIMCO. In 2004, investors redeemed $1.6 billion from JPMorgan funds. Still, however, with $91 billion in assets under management, however, JPMorgan is now the 14th-largest fund company in the nation.
JPMorgan Funds CEO George Gatch told MarketWatch that managing money is “incredibly important” for its private banking clients. “Five years ago, my goal was to be among the top five in net fund flows,” Gatch said. “No one believed me, internally and externally.”