JPMorgan Fleming Asset Management agreed to acquire Pacholder Associates, a high-yield and distressed debt manager with $2.5 billion in assets under management. Terms were not disclosed. Pacholder's investment advisory and fund administration business will be absorbed by JPMorgan, and its high-yield portfolio management team will become part of Banc One Investment Advisors, said Mary Sedarat, a JPMorgan Fleming spokeswoman. Pacholder President and co-founder Bill Morgan will continue to oversee Pacholder's staff, which will remain in Cincinnati. Mr. Morgan will report to Gary Madich, CIO of JPMorgan Fleming Asset Management's fixed-income platform.