Being owned by a bank has handcuffed many mutual fund units.

Just don't tell that to J.P. Morgan Funds. The JPMorgan Chase & Co. business line increased its assets under management 6.97% last year, to $445 billion, and now has its sights set on developing more assets through banks. On Monday, it announced the hiring of John Holcombe Boyd, the director of wealth management services for T. Rowe Price's third-party distribution division, to be a senior relationship manager focusing on boosting traffic through banks and trust departments.

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