JP Morgan Asset Management has seen the departure of Jamie Broderick, head of the European asset management business, the firm has confirmed.

Broderick came to the US firm in the early 1990s and has since then led its individual investor business in Europe, its European mutual funds arm and most recently its retail and institutional operations in the region. He joined from the Boston-based investment management firm Wellington Management Company.

In other recent developments at the firm, JP Morgan plans to add 750 new Chase Private Client locations this year and hire hundreds of bankers and advisors, as it targets mass affluent customers in a profitability drive.

Assets under management at the Wall Street giant stood at $1.3 trillion at the end of 2011, a $38 billion or 3 per cent increase from a year earlier.