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Wednesday, June 12, 2013

Did J.P. Morgan Withhold Commissions On Outside Funds?

News summary by MFWire's editors

Last year a New York Times report criticized J.P. Morgan's [profile] pushing of its proprietary mutual funds, and now a broker is attacking the banking giant over the same practice.

Dan Jamieson of InvestmentNews reports that last month former J.P. Morgan broker Bryant Tchan (now with U.S. Bancorp) filed a Finra arbitration claim against J.P. Morgan. He accused J.P. Morgan of holding up trading commissions on outside mutual fund trades and, in the words of Tchan's attorney, making brokers "jump through all sorts of hoops" to sell non-proprietary funds.

A spokeswoman for J.P. Morgan declined to comment to InvestmentNews on the arbitration.

Tchan left J.P. Morgan in November. 

Edited by: Neil Anderson, Managing Editor

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