Integration of JPMorgan Funds and One Group Funds Creates 5th Largest Fund Family in the U.S.
NEW YORK, Feb. 22 /PRNewswire-FirstCall/ — JPMorgan Asset Management (NYSE: JPM – News) today announced the official completion of the integration between JPMorgan Funds and One Group Mutual Funds, marking the largest mutual fund merger in the history of the industry. Shares of the newly merged funds, to be sold under the JPMorgan Funds name, will trade for the first time today, supported by a visible sales & marketing campaign.
JPMorgan Funds, with more than $200 billion in assets under management, is now the 5th largest U.S. fund family,* under the banner of the leading global asset manager JPMorgan Asset Management. The mutual funds business will be headquartered at 522 Fifth Avenue in New York, with significant operations in Columbus, Ohio. JPMorgan Asset Management has more than 450 investment professionals in 39 offices worldwide.
“Less than a year ago we set out to accomplish a complex merger as quickly and efficiently as possible, to pass on the benefits of the combined firms to fund shareholders,” said JPMorgan Funds President and CEO, George C.W. Gatch.
Exceptional Range of Products & Quality Service
“JPMorgan Funds is now well positioned to grow and meet the demands of U.S. investors with an exceptional range of investment products across all asset classes,” said Gatch. “Our results are driven by one of the industry’s pre-eminent buy-side global research capabilities, combined with investment processes developed for the some of the world’s most demanding investors.
JPMorgan Funds now offers 101 funds, with strengths in U.S. Equity, International Equity and Fixed Income and is also ranked # 2 in U.S. Money Market Funds (imoneyNet US & Offshore, 12/31/04). JPMorgan Funds was recently ranked #7 out of 73 fund families for its overall U.S. Equity performance in Barron’s annual Best Mutual Fund Families issue (Feb 7, 2005).
The firms’ combined shareholder and intermediary service teams have been consolidated in Columbus and Delaware and have been recognized as a market- leader, having being named a Dalbar Mutual Fund Service Award winner for 2004.
Sales and Marketing Campaign
Dedicated to serving the investment needs of shareholders and financial intermediaries, the new group has over 150 sales and marketing professionals serving clients by region and distribution channel. This team will be introducing the new fund family over the coming months, supported by a significant marketing program.
“Our research has shown that investors are demanding better insights and expecting better results and we believe that we have a compelling investment story to tell,” said Gatch. “Our goal is to communicate our unique strengths with a communication program to help investors make more informed investment decisions. Introduced under the positioning statement, “What it means to invest,” this information-driven program will meet their goals and differentiate our offer in a crowded market-place.” Advertising will launch in key markets and publications today, including The Wall Street Journal, The New York Times, Chicago Tribune and the Columbus Dispatch.
JPMorgan’s mutual funds will be available to investors through broker/dealers, wirehouses, registered investment advisors and other financial intermediaries nationwide, as well as through the extensive nationwide network of 2,500 retail branches of JPMorgan Chase, under both the Chase and Bank One brands.
As of December 31, 2004, JPMorgan Funds has $208 billion in assets under management in 101 funds.
The combined fund family is primarily advised by JPMorgan Investment Management (JPMIM) and JPMorgan Investment Advisors (JPMIA), which are part of JPMorgan Asset Management, one of the largest asset and wealth managers in the world, with over $790 billion in AUM (as of 12/31/04).
Hypothetical estimate based on information from Financial Research Corp. as of December 31, 2004.
Contact JPMorgan Funds Distribution Services at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
JPMorgan Funds are distributed by J.P. Morgan Fund Distributors, Inc. One Group Funds are distributed by One Group Dealer Services, Inc., which is an affiliate of JPMorgan Chase & Co. Effective February 19, 2005, the JPMorgan Funds and the One Group Funds will be integrated into one fund family, which will be called the JPMorgan Funds. One Group Dealer Services, Inc., whose name will change to JPMorgan Distribution Services, Inc. effective February 19, 2005, will be the distributor of the integrated fund family. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
JPMorgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co (NYSE: JPM – News). Those businesses include J.P. Morgan Investment Management Inc. and its affiliates, including, without limitation, JPMorgan Investment Advisors Corporation, JPMorgan High Yield Partners, LLC, JPMorgan Security Capital Research & Management Incorporated, and J.P. Morgan Alternative Asset Management, Inc.
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