JPMorgan Asset Management's managed account business topped $5 billion of assets under management at Feb. 28, the company said on Monday.
Its managed account business tripled last year, the subsidiary of JPMorgan Chase & Co. said. The growth was led primarily by JPMorgan Funds' municipals, mid-cap value, large-cap, and international equities portfolios, it said.
JPMorgan reported 2004 growth of 211% from the year earlier, and the industry grew 15.9% last year, according to Cerulli & Associates. JPMorgan said it has 25,000 managed accounts, offered through 14 sponsors, up from 6,900 at the end of 2003.
Its funds unit had $228 billion of assets under management at Dec. 31 in 101 portfolios, 14 separate account strategies, and 45 subadvisory mandates.
