JPMorgan Funds and One Group Mutual Funds said Tuesday they plan to combine their operations, two months after their parent companies merged.
The companies said they expect the merger of overlapping fund portfolios and the election of a common board of trustees to be presented for shareholder approval in January. Meanwhile, One Group's trustees named George C.W. Gatch, the chief executive officer since 2000 of JPMorgan Funds, to succeed David J. Kundert as president and CEO of Banc One Investment Advisors on Sept. 15. Mr. Kundert is retiring; Mr. Gatch retains his role at JPMorgan Funds.
Mr. Gatch is a managing director and has worked at JPMorgan Chase since 1986.
J.P. Morgan Chase & Co. on Jan. 14 announced its plan to buy Bank One Corp., the Chicago banking company whose $58 billion purchase created the country's second-largest banking company. The deal closed July 1.
The combined fund families will adopt the JPMorgan Funds name; they will be advised by JPMorgan Investment Management and Banc One Investment Advisors, which are part of JPMorgan Fleming Asset Management.
The boards of both fund families recently approved the merging of overlapping funds, the adoption of a common fee structure, and the use of a common set of service providers.
At July 30, JPMorgan Funds had $108 billion of assets under management in 67 portfolios, and One Group had $101 billion being managed in 49 portfolios.
