JP Morgan UK sales head exits

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JP Morgan Asset Management head of UK funds field sales Mike Parsons is leaving the asset manager after almost 10 years.

Parsons has been with the firm since 2007. He was head of UK intermediary sales until the end of 2013 when he was put in charge of a newly created team of stockbrokers, wealth managers and advisers across three sales teams.

JP Morgan Asset Management declined to comment on his departure, but a spokesperson confirmed that Parsons is leaving the company. 

Parsons will not be directly replaced and a new hire for a new role will be announced in due course, says the spokesperson. 

JP Morgan Asset Management UK funds head Jasper Berens restructured the UK sales team in 2013. The restructure was intended to focus on the manager’s income offerings and take advantage of the Budget’s pension reforms.

Parsons said at the time: “Some firms are looking to outsource all or the majority of their investments so you need a team and a proposition for this. Other firms, which may have been more of a generalist IFA, are now moving to a wealth manager style of business.

“We decided we had to specialise our sales team to provide a more targeted level of service to each of these market segments.”