A unit of AT&T Corp. plans to appoint J.P. Morgan & Co. manager of its private equity investment program, the companies said Thursday.

AT&T Investment Management Corp. manages about $3.8 billion of private equity investments, in addition to $1.5 billion of unfunded commitments.

Under the agreement, seven private equity investment managers employed by AT&T Investment Management will join J.P. Morgan Investment Management Inc.

AT&T Investment Management manages $80 billion of assets, including $54 billion of pension assets. Its parent, AT&T, this week unveiled a broad plan to refocus on its core telecommunications business.

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