J.P. Morgan Asset Management’s value-oriented fixed-income team is being hit with outflows after losing at least seven members in recent months.
The departures from the Columbus, Ohio, unit include Doug Swanson, the senior portfolio manager on the team who retired in June after taking a leave of absence in October 2015.
Mr. Swanson was the lead portfolio manager on the J.P. Morgan Core Bond Fund. Since his departure in June, the fund has had net outflows of more than $2.6 billion, data from Morningstar Inc. show. The fund had $28.3 billion in assets under management as of Oct. 31, Morningstar data show.
Overall, the team had $3.6 billion in net outflows in the first nine months through Sept. 30, said Kristen Chambers, a J.P. Morgan spokeswoman. Ms. Chambers said in any given year assets will fluctuate between $1 billion and $10 billion given the strategy's sheer size. “In fact, in 2013 the platform was down 7% vs. just 4% this year,” she said.
Ms. Chambers would not comment on the departures. She said the team added 10 investment professionals in 2016 and will add another five in 2017, and was preparing “its investment engine for the next generation of growth.”
Mr. Swanson was replaced by Barbara E. Miller, a veteran portfolio manager on the value team.