- Top brass from JPMorgan and BlackRock, among the firms to kick off earnings season with their results, said Tuesday that they expect more consolidation in the wealth- and asset-management industries.
- Pressures on money managers have fueled a flurry of acquisitions in those areas this year, and analysts questioned executives about their own deal ambitions, albeit coming from different corners of the market.
- JPMorgan boss Jamie Dimon said the bank would be “very interested” in deals in that space, and BlackRock finance chief Gary Shedlin said the firm was focused on targets that could expand its technology, global distribution, and private markets capabilities.
- Last week, Morgan Stanley said it would buy investment manager Eaton Vance in a deal valued at $7 billion just days after it closed on its E-Trade acquisition.
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Top brass at the world’s largest asset manager and largest US bank told analysts on Tuesday that they expect more mergers and acquisitions in the wealth- and asset-management industries, and signaled both firms are on the prowl.
On the back of Morgan Stanley’s $7 billion deal for Eaton Vance last week, analysts peppered JPMorgan and BlackRock executives with questions about their appetites for deals during their respective third-quarter calls, which helped kick off the latest earnings season.
“Well, since we have you all on the line, our doors, our lines are wide open. We would be very interested, and we do think you’ll see consolidation of the business,” JPMorgan Chief Executive Jamie Dimon said.
“But we’re not going to be more specific than that,” he said, adding there were considerations around what type of deal would make sense for the largest US bank by assets, like technology, product, and execution.
Dimon emphasized early this year that he was interested in carrying out more
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In the last decade, decentralized platforms have taken the data world by storm. Top programmers aspire to create more efficient and effective platforms than ever, making the market for these products one of the most competitive in the world. Meet the five APAC entrepreneurs disrupting their industry, transforming the future of decentralized platforms and navigating their way towards digital transformation.
Simon Kim, Founder and CEO of Hashed
The mind behind Hashed, Simon Kim is a serial South Korean entrepreneur, blockchain thought leader, and evangelist. Previously, he served as the CPO of Knowre, an adaptive mathematics learning platform. Today, Kim balances his distinguished roles of venture partner at Softbank Ventures Asia, member of the 4th Revolution Committee of South Korea’s Parliament, and Director of the Korea Blockchain Association. He also participates in the Busan Blockchain Free Zone committee. Kim is a strong believer in the importance of consumer-centric applications in the blockchain space. Together, with a team of fellow eminent entrepreneurs, Kim co-founded Hashed in 2016.
Hashed is a leading, strategic crypto investment fund operated out of Seoul and the Silicon Valley. The fund’s stated mission is to “discover, invest in, and support innovative decentralized projects”. Hashed’s key selling point is its focus on the “protocol economy”, which it defines as “an economic system where individuals or groups can participate in the economic activities and earn rewards according to their contributions”. Hence, the venture capital fund is significantly involved in community building and developing sustainable token models for the projects it works with. Hashed has a diverse portfolio of investments, of which half are US-based projects, and half are from Asia or elsewhere. Among its Asian investments, two stand out in particular: Line’s LINK and Kakao’s Klaytn.