Ramon de Oliveira, chairman of J.P. Morgan Investment Management, will head the $720 billion institutional asset and wealth management businesses of J.P. Morgan Chase & Co., formed by the merger of J.P. Morgan and Chase Manhattan announced today. Mr. de Oliveira also will be one of the eight members of the newly combined, New York-based companys executive board.
The fate of Chases investment management unit which was moved to Houston last year and managed $226 billion worldwide as of Dec. 31, about $67 billion for U.S. institutional tax-exempt clients was not clear by press time.
J.P. Morgan, its partly owned subsidiary American Century Investments and Chase Manhattan managed a combined $265.8 billion in U.S. institutional tax-exempt assets as of Dec. 31. After the merger, J.P. Morgan Chase will move up to fifth place in P&Is rankings of the largest institutional money managers, from ninth for J.P. Morgan, 31st for American Century and 24th for Chase Manhattan.