NEW YORK, March 30, 2011 /PRNewswire/ -- J.P. Morgan Asset Management (NYSE: JPM) announced today that David Musto will become the Chief Executive Officer of J.P. Morgan Retirement Plan Services (RPS). Mr. Musto succeeds current CEO Pamela Popp , who has taken on a new role as Head of Retirement Strategic Initiatives, helping drive the asset management division's overall retirement growth initiative. Both Mr. Musto and Ms. Popp report to Michael Falcon, Head of Retirement at J.P. Morgan Asset Management.
"We have been making steady investments in our RPS, DCIO and other retirement related businesses to support the continued rapid growth and innovation we expect in this market, " said Mr. Falcon. "A new generation of retirees is depending on our industry to revolutionize retirement planning and develop new products and services that meet new market realities and concerns. We are thrilled to have one of the most experienced, talented management teams in place and this natural progression of leadership will help accelerate new initiatives, leveraging the vast capabilities and reach of J.P. Morgan."
Mr. Musto was most recently Chief Operating Officer of J.P. Morgan Retirement Plan Services, with responsibility for day-to-day business oversight and analysis in support of RPS's long-term growth and efficiency goals. Prior to that, he was head of J.P. Morgan's Defined Contributions Investment Solutions (DCIS) business. His extensive industry experience also includes leadership positions in the retirement and benefits businesses of Prudential Financial and CIGNA.
Ms. Popp has been with J.P. Morgan for 14 years, during which time she has been instrumental in the development and growth of RPS into a major industry player. Prior to J.P. Morgan, Ms. Popp's experience includes roles with American Century Investments and Hewitt Associates.
About J.P. Morgan Asset Management – Retirement Plan Services
J.P. Morgan Retirement Plan Services provides bundled defined contribution and defined benefit administration and investment services to 700 clients and 1.8 million participants, representing $119 billion in retirement plan assets as of December 31, 2010. The firm is the seventh-largest defined contribution recordkeeper ranked by 401(k) plan assets (data as of December 31, 2009, PLANSPONSOR magazine, published June 2010). J.P. Morgan Retirement Plan Services employs more than 1,100 people and is a subsidiary of JPMorgan Chase & Co.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under supervision of approximately $1.8 trillion and assets under management of $1.3 trillion (as of December 31, 2010), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high-net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. JPMorgan Chase & Co. (NYSE: JPM), the parent company of J.P. Morgan Asset Management, is a leading global asset management firm with assets of approximately $2.1 trillion and operations in more than 60 countries. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
SOURCE J.P. Morgan Asset Management