JPMorgan Asset Management (JPMAM) has named George Gatch as its new CEO, replacing Chris Willcox who will retire after a 13-year stint at the firm.

Gatch has been working at JPMorgan for 33 years. Currently, he is the head of global funds and institutional client coverage.

Willcox will remain at JPMorgan until the end of this year to support the transition process.

During his tenure at the firm, he held various roles such as head of global fixed income in the asset management arm.

Meanwhile, Paul Quinsee and Bob Michele were appointed as co-heads of the asset management investment committee.

The pair have been tasked with managing the reviews of new and existing products.

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By GlobalData

Quinsee currently serves as the global head of equities while Michele is the global head of fixed income, currency and commodities.

The duo will assume their new roles while retaining their existing responsibilities.

The changes were unveiled in a memo sent to employees by asset and wealth management CEO Mary Erdoes.

In the new role, Gatch will report to Erdoes.

Earlier this year, JPMAM CIO of global fixed income, currency and commodities, Nick Gartside, stepped down and was succeeded by Iain Stealey.

JPMAM recently also hired Jemma Clee as its head of investment specialists for global liquidity in EMEA.