JPMorgan Chase & Co.’s asset-management unit hired Prashant Sharma as head of international fixed-income investments for insurance clients.
Sharma will be based in London and report to Nick Gartside, international chief investment officer of fixed-income, New York-based JPMorgan said today in an e-mailed statement. Sharma previously worked at Goldman Sachs Group Inc.’s asset-management business and has a decade of experience working as a fixed-income portfolio manager.
Asset managers including Goldman Sachs and BlackRock Inc. have been expanding their offerings and adding staff to win mandates from insurance companies as low interest rates pressure income from bond portfolios. JPMorgan, which oversees about $50 billion for the industry, recently made additions in Hong Kong and Tokyo for the insurance solutions business and last year named Douglas Niemann, who previously worked at American International Group Inc., to lead strategy and analytics.
“Fixed-income investing is extremely important to insurance clients, particularly in the current low interest-rate environment,” Gartside said in the statement. “However, their investment needs as a client group are unique, and as our insurance solutions business grows, Prashant’s dedicated expertise will be integral to this.”
Andrea Raphael, a spokeswoman for New York-based Goldman Sachs, didn’t immediately return a call for comment.