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JPMorgan Defies Banks as Fund Losers by Entering Top 10

JPMorgan Chase & Co. is proving that banks aren’t destined to be also-rans in the $12 trillion mutual fund business.

The company in 2011 became the first bank to crack the list of 10 largest U.S. stock and bond fund managers, according to research firm Strategic Insight. Under global funds chief George Gatch, JPMorgan’s lineup posted higher net sales growth as a percentage of assets than any other firm with at least $50 billion, even as the bank spurned the charge by investors into index funds and posted middle-of-the-pack fund returns.