JP Morgan Asset Management says the group is ramping its activities in the IFA market in a bid to break into the top five fund groups in the UK.
Head of UK retail sales Michael Parsons says although the group is a top 10 seller in the UK, its sales performance lags its record in other markets.
He says: “The UK performance is an anomaly. We are the number-one fund seller in Asia and Europe as well as being in the top five in the US, which tells us that we have not been punching our weight in the UK.”
Parsons says the group is almost halfway through a five-year plan to achieve its aim and his appointment, along with the hiring of several regional sales managers to establish stronger ties with IFAs, life companies and banks, is part of the plan.
He says: “We have a strong performance, fund range and brand so it is just a case of going out and communicating that to the market.”
Parsons envisages the group making strides into the hedge funds arena to break into the top five.
He says: “We are a big pla-yer in the hedge fund market already and, with the new proposals by the FSA, the chances are that this market is only going to grow.”