Martin Porter, the JP Morgan Fleming chief investment officer for equities is quoted as confirming that the low profile of the business in the US was 'a clear weakness.' Porter refused to rule out an acquisition and pointed out that there would be opportunities for companies seeking to acquire a small to medium size funds business as margins continue to be squeezed and costs remain high.
JP Morgan Fleming is ranked among the world's top 10 fund managers but, as the FT points out, 'does not have a substantial retail business in the US', unlike rivals Merrill Lynch or Fidelity Investments.
JP Morgan Looks For US Acquisition
The Financial Times (FT) reports that JP Morgan Fleming Asset Management is looking to buy a US mutual fund specialist in order to boost its retail presence in the United States.
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