BlackRock CEO Larry Fink and JPMorgan CEO Jamie Dimon.

Summary List Placement

Top brass at the world’s largest asset manager and largest US bank told analysts on Tuesday that they expect more mergers and acquisitions in the wealth- and asset-management industries, and signaled both firms are on the prowl. 

On the back of Morgan Stanley’s $7 billion deal for Eaton Vance last week, analysts peppered JPMorgan and BlackRock executives with questions about their appetites for deals during their respective third-quarter calls, which helped kick off the latest earnings season. 

“Well, since we have you all on the line, our doors, our lines are wide open. We would be very interested, and we do think you’ll see consolidation of the business,” JPMorgan Chief Executive Jamie Dimon said. 

“But we’re not going to be more specific than that,” he said, adding there were considerations around what type of deal would make sense for the largest US bank by assets, like technology, product, and execution. 

Dimon emphasized early this year that he was interested in carrying out more deals. But JPMorgan, which reported $2.6 trillion in assets under management from its wealth and asset management unit, has yet to announce one publicly. 

“We’re looking at everything,” Mary Callahan Erdoes, chief executive of JPMorgan’s asset and wealth management business, …read more


Source:: Businessinsider – Finance

      

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