JP Morgan Asset Management has appointed Meg McClellan as head of private credit in the firm’s Global Alternatives group.

McClellan is currently JP Morgan Asset Management’s chief financial officer. Prior to her role as CFO, McClellan spent her career in fixed income trading, portfolio management and investment strategy roles – with experience on both the buy side and the sell side in New York, Chicago and London.

She will begin her new role, effective 1 January.

The role will involve overseeing the firm’s Global Special Situations, Infrastructure Debt and Commercial Mortgage Load businesses and lead the firm’s development of new private credit solutions. It will also include being responsible for both organic and inorganic private credit platform growth.

JP Morgan has around $146bn in alternative assets under management, with offerings in real estate, hedge fund, private equity, infrastructure and other real assets spaces. The firm has recently closed its Lynstone Global Special Situations fund, raising over $1bn and surpassing its target by 40%.

JP Morgan Asset Management head of global alternatives Anton Pill said: “We see private credit as an essential source of income and return in investors’ portfolios and we are firmly committed to building out our capabilities to enable our clients to take full advantage of the investment opportunities that exist in private markets.

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“At this point in the economic cycle, we are particularly focusing our energies on the strongly collateralised end of the private credit spectrum and are seeing demand in real estate mezzanine debt, infrastructure debt, commercial mortgages, funds of funds, direct lending and special situation strategies.

“The establishment of a new Head of Private Credit role is a testament to our concerted focus on curating a diverse, industry-leading team, and we couldn’t be more pleased to have Meg leading our efforts to build on our $10bn and growing of private credit assets to become a leader in the nearly $1trn private credit market.

“Meg is a highly regarded leader in the asset management industry, and her significant investment, markets, operational and risk management expertise will be critical in growing our private credit offering and allowing us to deliver new and innovative solutions to clients.