J.P. Morgan & Co.'s growing private client operation in Philadelphia has expanded into a new office.

The office at One Liberty Place is headed by managing director Ann Borowiec. Morgan has doubled its staff to 30 professionals since the summer, when the New York bank announced that Philadelphia would become the hub of its private client services for the Mid-Atlantic region. The office offers investment management, brokerage and trust services.

Meanwhile, on Morgan introduced on Dec. 31 a mutual fund designed to outperform the S&P 500 index.

The J.P. Morgan Institutional SmartIndex Fund is co-managed by Fredric A. "Rick" Nelson and Marc N. Roston.

The SmartIndex fund is being marketed to institutional clients. In particular, it is aimed at defined contribution retirement plans. Morgan manages $20 billion of assets in more than 40 mutual funds, and $280 billion overall.

- Compiled by Katharine Fraser

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