JPMorgan Chase & Co.'s asset management division is making changes to its North American sales staff, according to a memorandum by George Gatch, the head of the bank's Investment Management Americas unit.
Among the reshuffles and promotions: John Garibaldi will replace John Hunt as head of institutional advisory and sales; Patricia Maleski will be promoted to president of J.P. Morgan Funds, in addition to her role as chief administrative officer; and Bob Young will become chief operating officer for the Investment Management Americas business, from COO of J.P. Morgan Funds.
Garibaldi, a 25-year veteran of JPMorgan Chase, was the head of its strategic client group.
Gatch, who has been running the company's mutual fund business, was named in July to succeed Eve Guernsey.
Gatch has been instrumental in increasing the fund management business' sales and expand its product offering in recent years, and said in his memorandum dated Wednesday that the Investment Management Americas business "stands in a covetable position in 2010."
Mary Callahan Erdoes, the head of the asset management business, one of the most steadily growing of the bank's six divisions, has an ambitious plan to improve sales and expand abroad.