J.P. Morgan & Co. plans to shed two of its overseas asset management units-one in Australia, the other in France.

The banking company announced Tuesday that it has agreed to sell J.P. Morgan Investment Management Australia to Salomon Smith Barney. Morgan said it concluded that the unit, which manages more than $4.8 billion in institutional assets, was no longer a strong strategic fit because of changes under way in the Australian pension market.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.