JPMorgan Asset Management has launched JPMorgan Invest, which it claims will provide a solution to the retirement savings crisis.
The new company will aim to provide investment based financial education in the workplace and address how employee asset allocation can meet the realities and needs of retirement.
JPMorgan Invest has been created as a response to the government's claim that 12.2 million UK employees do not making adequate provision for their retirement.
Moreover, with the Department of Work and Pensions (DWP) and Financial Services Authority (FSA) pushing for workers to take increasing control of their own retirement plans, JPMorgan Asset Management says in reality many are not equipped to do so.
JPMorgan Asset Management has teamed up with the Northwest Regional Development Agency (NWDA), Business Liverpool and The Mersey Partnership to create the new firm, based in Liverpool.
David Cassidy has been appointed to head up JPMorgan Invest as chief executive, and along with new chief operating officeer Geoff Hine and sales and marketing director, Jonathan Watts-Lay, will look to grow the firm to 150 people over the next five years.
Initially however, the new service is planned for a roll out over the next two years, targeting employees of retirement age, with a later aim to incorporate the entire workforce, JPMorgan Asset Management says.
The firm will also base its remit on facilitating personal advice on asset allocation, along with an investment system combining technology and economies of scale to provide individuals with investment opportunities.
Cassidy says the firm has been created out of the need to educate people in the work place, so they can ask the right questions concerning decisions about their economic future.
He says: “Once people are armed with information, JPMorgan Invest provides a 21st century solution to asset allocation through a system that helps investors young and old develop flexible strategies as they attempt to combat the pensions crisis which may well represent one of the greatest social challenges of our time.”
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Appointed on 19 September