J.P. Morgan Asset Management on Friday launched a new strategic advisory group to strengthen its U.S.-based endowments and foundations business.
Monica Issar, a New York-based senior investment specialist at J.P. Morgan Private Bank, will lead the effort, taking on the new title of chief investment adviser.
In a telephone interview, Ms. Issar said while financial professionals in J.P. Morgan’s investment management and private banking units already work with 30% of the top 25 U.S. endowments and a quarter of the top 50 foundations, significant opportunities remain in serving that $1 trillion market.
The new Endowments & Foundations Advisory Group will become J.P. Morgan’s main point of contact with E&F clients, focusing on investment issues, including portfolio construction and asset allocation, manager selection and liquidity management, she said.
Plans call for a “significant buildup” of the group, but it’s too early to give any details, Ms. Issar said.
Ms. Issar will report to both George Gatch, CEO of J.P. Morgan’s Investment Management Americas division, and Phil Di Iorio, managing director and global head of products and practices for J.P. Morgan Private Bank; both business units are divisions of J.P. Morgan Asset Management.
J.P. Morgan spokeswoman Kristen Chambers said a replacement at the private bank for Ms. Issar’s senior investment specialist role has yet to be named.