Bear Stearns Asset Management will become part of JPMorgan Asset Management under JPMorgan Chase & Co.’s proposed acquisition of Bear Stearns Cos., said Mary Sedarat, global head of media relations of JPMAM. How JPMorgan Asset will integrate BSAM, including its employees, into its operations and when BSAM will join the bigger company isn’t known yet, Ms. Sedarat said.
“This deal happened literally overnight,” Ms. Sedarat said. “So it’s too soon to say anything more about it.”
Larry Unrein, CIO of private equity at JPMorgan Asset Management, is leading the transition effort, said Ms. Sedarat. “We will be reaching out to their clients in coming weeks,” she said.
BSAM managed $30.5 billion as of Dec. 31, according to its website. Of that total, $14.7 billion was in fixed income, $9.25 billion equity, $4.7 billion in hedge funds, and $1.83 billion in private equity. Among its clients, 8% of its assets was managed for public pension fund clients, 14% for Taft-Harley clients and 22% for corporate pension fund clients.
That recent total asset figure doesn’t break out institutional assets. But as of Jan. 1, 2007, BSMA had $16.6 billion under management for U.S. tax-exempt institutional investors out of $41.4 billion in total assets, according to Pensions & Investments.
BSAM’s assets would represent 2% of JPMAM’s pre-merger $1.3 trillion in assets under management, Ms. Sedarat said.
Eve Guernsey, CEO of JPMorgan Asset Management, Americas, was out of the office and not available to comment, Ms. Sedarat said. Elizabeth Ventura, managing director, BSAM, who was designated to take calls, couldn’t be reached for comment.
