JP Morgan Asset Management will launch an Endowments and Foundations Strategic Advisory Group, to be based in New York, in a bid to develop its offerings to the US endowments and foundations market.

The market represents a $1 trillion opportunity for the firm, and is a space which it views to be growing at over $100 billion each year.

The newly-created unit will be headed up by Monica Issar who has been appointed as chief investment advisor. Issar, who was a senior investment specialist at JP Morgan Private Bank, will work closely with regional investment management and private banking teams on client coverage.

Issar will be based in New York and report jointly to George Gatch, chief executive of JP Morgan's Investment Management Americas division, and Phil Di Iorio, head of products and practices for JP Morgan Private Bank.

JP Morgan Asset Management had assets under supervision of approximately $1.6 trillion and assets under management of $1.2 trillion as at 30 June 2010.