JPMorgan Chase & Co. is gaining mutual fund market share as competitors quit the business, according to Morningstar Inc.
The New York banking company's stock and bond funds brought in $16.8 billion in the first nine months of this year, fourth-best in the industry, Morningstar said last week.
JPMorgan Chase, which ranked 30th in attracting fund assets in 2008 and 530th in 2007, will be the U.S. banking company with the largest fund business once Bank of America Corp. completes the sale of its Columbia fund unit.
It began advertising its funds for the first time in September and is reaping inflows as rivals shed their asset management units after $1.15 trillion in industrywide losses from the credit crisis.
JPMorgan Funds' ranking in managed assets rose to 15th at Sept. 30, from 21st at the end of 2007, according to Morningstar. It has almost doubled its product lineup in the last five years by adding 40 funds. It has $79.8 billion under management, excluding money funds, according to Morningstar.
