JP Morgan Fleming Asset Management has acquired US-based Pacholder Associates, a junk bond investment firm with around $2.5 million in asset...

JP Morgan Fleming Asset Management has acquired US-based Pacholder Associates, a junk bond investment firm with around $2.5 million in assets under management.

JP Morgan said it will acquire the Cincinnati-based firm's investment advisory and fund administration businesses. Banc One Investment Advisors Corp., another J.P. Morgan unit, will buy Pacholder's stake in some jointly owned funds.

Pacholder is led by William Morgan, a high-yield bond portfolio manager who co-founded the firm in 1983. He will report to Gary Madich, chief investment officer of JPMorgan Fleming's Columbus, Ohio-based fixed income group.