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Richard Madigan, Chief Investment Officer, J.P. Morgan Private Bank November 2012
A brief introduction (and a promise)
For those of you who don’t know me from my former
position as Chief Investment Officer of the Global Access
Portfolios, where I oversaw $16 billion in private and
institutional client assets, I want to briefly introduce
myself in my new role as Chief Investment Officer of the
J.P. Morgan Private Bank.
I’ve been part of the investment and strategy team at the
Private Bank since 2004, when I returned to the firm to work
with Michael Cembalest as he assembled a global strategy
team to work on behalf of private clients. I was responsible
for global multi-asset investment strategy and asset
allocation for our international clients before taking on the
role as CIO for Global Access.
During my time with Global Access, I wrote a regular
investment strategy note, Market Thoughts, which we sent to
clients globally. In my new role, I want to re-establish the
discipline of putting pen to paper around our market views:
what we are thinking, what we are seeing as core investment
themes, and how we are investing across global markets.
There is nothing more humbling than writing down and
clearly explaining what you think, and why, about the world
and markets. I have a well-established practice with our
family physician: I promise not to confuse him with
investment nonsense if he promises not to do the same with
medical gibberish. I promise the same clarity with
this note.
Same as it ever was
“Once in a Lifetime” is a song by the band Talking Heads. It
has come to mind repeatedly as I‘ve listened to the media
talk about the recent U.S. elections. There is a line in the
song that keeps repeating the phrase “same as it ever was,”
which seems to be, post-election, where we’ve landed.
The United States just ran a national election where an
estimated $6 billion was spent campaigning. The result
across Congress, state governorships and the presidential
popular vote was e

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