JPMorgan plans to double its European assets under management to $2 trillion over the next five years.

PANews October 11 news, according to Zhitong Finance, JPMorgan Asset Management plans to double its assets under management in Europe over the next five years to $2 trillion. The institution is betting that Europe's wealthy population can drive business growth for the asset management division of the Wall Street bank.

Patrick Thomson, CEO of JPMorgan Asset Management for Europe, the Middle East and Africa, said in an interview: "Europe is a high-quality market for us to continue expanding our business. Our three strategic priorities—active exchange-traded funds, alternative assets, and building partnerships with leading wealth management institutions—will become the core drivers of growth." Thanks to rising markets and continued inflows of funds from new and existing clients, JPMorgan Asset Management's European business assets under management have already doubled over the past nine years, growing from $500 billion to $1 trillion.