J.P. Morgan affirmed its support of the recommendations contained in the Report of the Money Market Working Group, released by the Investment Company Institute (ICI). J.P. Morgan is an active member of this working group and together with other industry leaders, was instrumental in the development of the extensive recommendations made in the report.
Money market funds are a core business for J.P. Morgan Asset Management. Since September 2008, shareholders have invested a net additional $100 billion into the U.S. domiciled JP Morgan money funds, bringing its total U.S. assets under management to $375 billion (1/31/09). J.P. Morgan Funds is U.S. mutual fund complex with $438 billion in assets under management (1/31/09).
“Money market funds have become an increasingly important investment and funding vehicle for the U.S. and global financial markets,” says Jes Staley, CEO, J.P. Morgan Asset Management.
“The recommendations in this report address weaknesses exposed by the recent market downturn, but also, they explore unknown, potential issues and propose a set of changes that will hold all money market funds to a higher set of standards in the future.”
J.P. Morgan Funds CEO George Gatch served on the ICI’s core Money Market Working Group, and its Global Money Markets CIO John Donohue and other senior managers were among industry leaders that were actively involved in the analysis and recommendations.
“Further strengthening money market funds and public confidence has been a top priority for the industry,” says George Gatch. “This report details a set of best practices that represent an exhaustive analysis of the structure, investment policies, operations and regulations that govern money market funds. We fully support these recommendations and will be among the fund families that move quickly to implement them.”
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