JPMorgan Plans to Double European Assets Under Management to $2 Trillion Within Five Years

PANews reported on October 11, citing Zhitong Finance, that JPMorgan Asset Management plans to double its assets under management in Europe to $2 trillion over the next five years. The firm is betting that wealthy individuals in Europe can drive growth for the asset management arm of the Wall Street bank.

Patrick Thomson, CEO of JPMorgan Asset Management for Europe, the Middle East and Africa, said in an interview: "Europe is a quality market where we continue to expand our business. Our three strategic priorities — active exchange-traded funds, alternative assets, and building partnerships with leading wealth managers — will be the core drivers of growth." Thanks to rising markets and continued inflows from both new and existing clients, JPMorgan Asset Management's European business has already doubled its assets under management over the past nine years, growing from $500 billion to $1 trillion.