J.P. Morgan Asset Management announced Tuesday it hired Michael Falcon as a managing director and head of retirement in the United States and Canada.
Falcon will be based in New York and report to George Gatch, the chief executive officer of J.P. Morgan Investment Management Americas.
"The retirement industry is poised to enter a period of unprecedented growth and expansion, with defined contribution, Individual Retirement Accounts and after-tax retirement savings increasingly generating the bulk of investable assets," Gatch. Said. “Bringing on someone with Michael's experience will ensure that we expand our retirement offering to be even more comprehensive, addressing new market realities and the current needs of Americans who are saving for retirement."
Falcon, who has worked in the retirement industry for 25 years, was managing a financial media and consulting firm founded by NBC's Today financial editor Jean Chatzky, and was a senior advisor for Knowledgent Group and BrightScope.com. Between 2000 and 2008, Falcon was a senior executive in Merrill Lynch's wealth management business, where he ran the retirement group.
J.P. Morgan Asset Management has a retirement plan services business in Kansas City, Mo., with over 1.8 million participants and $113 billion in retirement plan assets. It also has a significant business providing investment solutions and insights to defined contribution plan sponsors, advisors, and administrators across the country. These businesses will report to alcon as core components of a new retirement strategy.