The retirement plan market (both employer-sponsored and individual) is “one of the most important markets for us over the next 20 years,” Gatch told PLANADVISER, noting that the market is of significant interest to asset managers because there will be $6 trillion in play. J.P. Morgan is therefore in the process of “building out broader and deeper expertise,” by assembling and supplementing its team that will help it compete in the market.
David Musto is now COO of Retirement Plan Solutions (the company’s full service retirement plan business) and reports to Pam Popp, CEO of Retirement Plan Solutions. Musto is part of the leadership team in Retirement Plan Services and will be spending the bulk of his time in Kansas City.
Musto is a proven executive in the business, with broad experience across the recordkeeping and investment management company, Gatch said. He said he has “great confidence in David” to build out the Retirement Plan Solutions group (see “Galateria Takes JPAM DCIS Reins from Musto”).
Galateria, who took over for Musto in the company’s investment-only group, has experience in investment management, recordkeeping, and as a sales manager, which Gatchu said will help that group expand.
The company has made steps in all its markets, Gatch said, but has made big investments in the intermediary space, including expanding its total mutual fund sales force across its retail distributions by 60% over the last five quarters.
“Stay tuned,” said Gatch, “it is very early in the process.”