Insights Now · Nov 5, 2026 · 21m · 13m saved
With George Gatch, CEO of J.P. Morgan Asset Management
Photo via am.jpmorgan.com
J.P. Morgan Asset Management managed tens of billions of dollars when George Gatch joined the bank in 1986, and it manages $4.5 trillion today. George, CEO of J.P. Morgan Asset Management, told Gabriela Santos on Insights Now that the firm is putting its money into the part of the business its rivals are leaving.
Over the last decade, $1.9 trillion has left actively managed mutual funds while $1.5 trillion has gone into ETFs, and most large competitors now split their resources between active and passive funds. J.P. Morgan has gone the other way.
"Rather than extend into passive, we're focused 100% on active management, great opportunities to exploit market inefficiencies if you resource it sufficiently enough." — George Gatch
George built the firm's global liquidity business from $1 billion in assets to more than $1 trillion, built its US mutual fund and ETF businesses and ran global distribution before he became chief executive.
The full interview is covered here so you can skip it. 21 minutes of audio, 8 minutes of reading.
Here are the 11 takeaways that matter.
Key Takeaways
Individuals, not institutions, now decide where the money goes, because they save for their own retirement
$1.9 trillion has left active mutual funds and $1.5 trillion has gone into ETFs over the last decade
J.P. Morgan is "focused 100% on active management" while most rivals spread across active and passive
The firm employs 1,500 engineers in asset management and builds its AI tools rather than renting them
"Semi-liquid" private funds do not exist, George says: "These are illiquid strategies"
Higher rates give bonds "a much larger cushion," and active bond managers on average beat their indices
More than 40% of European household wealth is still in deposits, which George calls a large opportunity
1. Four Decades at J.P. Morgan
George's career at the bank began outside asset management entirely, in risk management at a time of change for the bank itself.
George Gatch started in risk management as the bank moved from lending to markets
"1986 I started in risk management, global exposure management, when the bank was moving from a lending business to a market-based business. I didn't even know what asset management was." — George Gatch
He moved into asset management in 1989 with the Pierpont Funds, seven funds with just over $2 billion in assets. The business he runs now covers equities, fixed income, liquidity, multi-asset and alternatives, with 9,000 employees in more than 25 countries.
J.P. Morgan Asset Management has grown from tens of billions to trillions of dollars, George Gatch says
"When I joined the firm, we managed tens of billions of dollars, and today we manage trillions of dollars." — George Gatch
