JP Morgan Asset Management strengthens its Australian institutional business with the appointment of an industry veteran as its head.

JP Morgan Asset Management has appointed a head for its Australian institutional business.

Effective immediately, Stephen Alcorn assumes this Sydney-based role after serving as head of institutional at Australian Investments. Prior to that, he was the deputy managing director and head of institutional at BNY Mellon Asset Management Australia. He brings 25 years of industry experience to the firm.

In his new role, he will be responsible for leading the Australia institutional client advisory team and delivering JP Morgan AM's investment products to the local market. He reports to Rachel Farrell, the Singapore-based head of sovereign and institutional for South East Asia, Australia and New Zealand.

The move highlights the bank's commitment to building its Australian presence, the firm said in a statement. It also happens just shortly after the company launched its funds business to capture more of the wholesale market. JP Morgan AM started doing business in Australia in 2010 and holds partnerships with several institutional investors. It records some A$1.6 billion ($1.46 billion) in locally-sourced assets.