JPMorgan Asset Management (JPMAM) has hired Andy Larkin from Neptune as part of a restructure of its sales team to cope with the increasingly centralised fund selection processes in the industry.
Mr Larkin was head of strategic partnerships at Neptune but is now set to join JPMAM to head up its newly formed global strategic relationships management team in UK fund sales, Investment Adviser can reveal.
The hire comes as JPMAM is splitting its sales team into two distinct groups, one headed up by Mr Larkin and the other run by Mike Parsons, with both reporting to Jasper Berens, JPMAM’s head of UK funds.
Mr Larkin’s team will focus on key clients, such as “advisory and discretionary fund panelling, insurance & platforms, and wealth managers”, the group said.
Within Mr Larkin’s team, Jamie Farquhar will now lead the fund panelling team and Nick Keem will lead the wealth management team, with a head of the insurance & platforms team set to be announced soon.
Mr Parsons, who was formerly head of UK intermediary sales, will now head up the “field sales” team, which JPMAM said would be focused on “maintaining and developing relationships at the field office level”.
As part of the team restructure Alex Barry, who had been head of UK wholesale sales, will move to New York to take on a role looking after key strategic relationships.
The restructure separates the company’s sales team into those focusing on the increasingly centralised fund selection process in larger wealth managers, and those selling to the wider industry.
A study from The Platforum last month predicted that more and more firms would have to refocus their sales teams to adapt to the changing methods of fund selection from wealth managers, advisers and private banks.
Meanwhile at Neptune, Mr Larkin’s head of UK strategic partners has been taken on by Matt Jenkins.
Neptune sales director Patrick Berton said: “Matt has been with Neptune for six years and I am confident that he will be a great success in his new role.”
