J.P. Morgan & Co. said this week it has completed its purchase of a 45% stake in American Century Cos., the nation's 20th-largest mutual fund company.
The transaction, valued at about $900 million and unveiled in July, teams a leading global financial institution with a highly regarded provider of no-load mutual funds.
Morgan manages $240 billion in retirement plans, mutual funds, and accounts for high-net-worth customers. American Century, based in Kansas City, Mo., has $62 billion of assets under management.
The companies said Wednesday that they will initially focus on marketing defined-contribution retirement plan services to corporations. They will also pitch their investment offerings to one another's customers and will jointly pursue mutual fund sales to financial intermediaries and institutional investors.
"Our business partnership with American Century will accelerate the growth of our asset management business by adding service and product expertise, distribution, and technology capabilities," said Jeff Garrity, a managing director with J.P. Morgan.