On Wednesday, JPMorgan Chase & Co. (JPM.N) announced the addition of Jon Maier to its asset management division as the leader of a new initiative focusing on global research for exchange-traded funds (ETFs).
Maier, who previously held the position of chief investment officer at Global X, brings his expertise to a division that has seen remarkable growth since J.P. Morgan entered the ETF market in 2014.
From a starting point of $2.02 trillion, the assets managed by J.P. Morgan’s ETF division had escalated to $8.43 trillion by the end of 2023, as reported by TrackInsight.
This surge in growth has been significantly fueled by the introduction of actively managed ETFs in 2019 and the successful launch of the JPMorgan Equity Premium Income ETF in 2020, which is now valued at $33 billion.
The bank’s asset management division outpaced its larger competitors in 2023, with nearly a 50% increase in assets, compared to BlackRock’s 18% and Vanguard and State Street Global Advisors’ 25%, according to VettaFi.
Bryon Lake, the global head of ETF solutions at J.P. Morgan Asset Management, highlighted the pivotal moment for ETFs, stating, “We think ETFs are hitting an inflection point, gaining market share from mutual funds.”
In his forthcoming role, Maier is tasked with conducting analyses and publishing “ETF Insights” for the bank’s investment clients.
Maier’s departure from Global X, a company now under the umbrella of South Korea’s Mirae Asset Financial Group, came in December.
His career prior to this move was notable, including a stint at Merrill Lynch where he was instrumental in selecting ETFs for model portfolios, earning him the nickname “Mr. ETF” among peers.
The ETF sector has seen several high-profile executive moves in recent months.
Notably, Anna Paglia was recruited by State Street from her position as the global head of ETFs at Invesco (IVZ.N) to assume the role of chief business officer, a newly established position at State Street.
During her tenure at Invesco, Paglia was responsible for launching over 100 ETFs, marking another significant transition within the industry.