JPMorgan Asset Management plans to lift its European assets under management to $2tn over the coming five years, doubling its current regional total, reported Financial citing a company official.
JPMorgan Asset Management EMEA CEO Patrick Thomson outlined the core drivers of this expansion during an interview.
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“Europe is a very good place for us to continue to grow,” he said. “Our three strategic priorities — active ETFs, alternatives and developing partnerships with the biggest wealth managers — are going to drive our growth.”
The division previously expanded its regional portfolio from $500bn to $1tn over the preceding nine years, aided by upward market movements alongside capital allocations from both current and new clients.
Together with BlackRock, the firm secured an early presence in the European market for active exchange traded funds, structures that combine discretionary portfolio management with an ETF vehicle rather than tracking an index passively.
Thomson highlighted opportunities across European equities, fixed income and infrastructure.
“There’s a significant effort by policymakers to move savers to investors,” said Thomson.
Organisational scale is central “on the technology agenda,” according to Thomson.
The parent banking group allocates $20bn each year to technology, while the asset management arm channels $600m annually into its international technical platform and employs 1,400 engineers.
“That’s an expensive commitment but we think it’s necessary,” he added.
The company has avoided corporate takeovers to fuel expansion. “We’ve not done any major acquisitions because we think they’re hard,” says Thomson. “We favour organic growth.”
Ahead of the inaugural Budget under Prime Minister Andy Burnham’s government later this month, Thomson indicated a positive stance on Britain’s economic trajectory.
“I’m pretty bullish on the UK because everyone is so negative about it,” he said. “We would like to see stable, sensible policies that are pro-growth in the Budget.”
