JP Morgan Asset Management has created a $100 billion multi-asset solutions unit called Asset Management Solutions.

Asset Management Solutions will be led by 28-year JP Morgan veteran, Seth Bernstein, who will report to Mary Erdoes, chief executive of JP Morgan Asset Management.

Bernstein previously led the global fixed income and currency business within the firm's investment management division and is replaced in this role by Chris Wilcox, former head of global rates within the investment bank.

The new unit integrates the Global Multi-Asset group and the Global Access Portfolios and Thematic and Opportunistic groups from its investment management and private banking businesses respectively.

“The new team will leverage its intellectual capital and combined investment acumen while the individual units will continue to focus on their respective client segments,” JP Morgan said in a statement.

JP Morgan Asset Management has $1.4 trillion in assets under management, as at 31 March.