By Nivedita Balu
TORONTO (Reuters) – JPMorgan's growing asset management business in Canada will add up to 20 jobs over the next 18 months, a top executive said on Tuesday, as the bank launched two actively managed exchange-traded funds for investors focused on the income.
“This is our first foray into having (ETF) strategies that individual Canadian investors can access,” Travis Hughes, who heads JP Morgan Asset Management's Canadian business, said in an interview during the launch.
Future launches in Canada will focus on actively managed ETFs, he added. “We are not going to launch mutual funds or other products.”
Toronto is the focus of the expansion, but jobs ranging from analysts to directors will also be filled in Montreal, Vancouver and Calgary, Hughes said.
JPMorgan will also hire at Canadian universities, he added.
Diversifying assets with downside protection is important over the coming months due to economic uncertainty and the U.S. election in November, Hughes said.
Canada accounts for about $40 billion of JPMorgan Asset Management's total global investments of $3.3 trillion.
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