NEW YORK, June 4, 2012 /PRNewswire/ -- J.P. Morgan Retirement Plan Services (RPS), the retirement plan record keeping business of J.P. Morgan Asset Management, today announced that it has hired Bill McDermott in a newly created role as Head of Sales and Client Solutions. Mr. McDermott will oversee the teams responsible for distribution, relationship management, and the delivery of client solutions, including investment and participant communication and education services. He will be based in New York and will report to David Musto, Chief Executive Officer for Retirement Plan Services. He also will serve on the Executive Committee of J.P. Morgan's Retirement business, led by Michael Falcon.
"Bill has a proven track record in leading teams to drive client satisfaction and business growth. He will be instrumental in delivering the full scope of our capabilities to clients and in continuing our business momentum," said David Musto. "In this new role, Bill will ensure that all client-facing resources are coordinated to deliver the best insights, tools and solutions, with emphasis on building our critical partnership with the retirement advisor community."
Mr. McDermott previously led the defined contribution business at Goldman Sachs Asset Management. Before that, he developed new distribution channels for annuity and investment products at AXA Equitable and led business development, relationship management, marketing, communications and education in the retirement services and benefits administration businesses at Fidelity and Hewitt.
About J.P. Morgan Asset Management – Retirement
J.P. Morgan Asset Management is a leading comprehensive retirement solutions provider dedicated to improving individual retirement outcomes. J.P. Morgan Retirement Plan Services provides bundled defined contribution services to more than 650 clients and 1.8 million plan-level participants, representing more than $125 billion in retirement plan assets as of March 31, 2012. J.P. Morgan Defined Contribution Investment Solutions manages more than $61 billion in defined contribution assets as of March 31, 2012.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under supervision of approximately $1.9 trillion and assets under management of $1.4 trillion (as of 03/31/12), 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 $2.3 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