MONEY MANAGEMENT

J.P. Morgan names head of U.S. ETF business

Joanna Gallegos was named managing director and head of the U.S. exchange-traded fund business at J.P. Morgan Asset & Wealth Management, said spokeswoman Kristen Chambers.

She replaces Bob Deutsch, who will retire later this year at an as-yet unspecified date. Mr. Deutsch will continue to serve as chairman of the company's ETF board.

Ms. Gallegos will oversee the firm's $1.7 billion U.S. ETF business, as well as assume Mr. Deutsch's role as president of the U.S. ETF complex. She will report to Mike Camacho, global head of beta strategies.

Ms. Gallegos was head of ETF product development at J.P. Morgan. Ms. Chambers said the company has yet to select a replacement but will soon.

J.P. Morgan had $1.5 trillion in assets under management as of March 31.