(Bloomberg) -- JPMorgan Chase & Co.'s asset-management arm agreed to purchase Campbell Global LLC, which focuses on timberland and natural resources and has $5.3 billion in investments, as the bank bets on the growth of carbon-offset markets.
Campbell Global, part of BrightSphere Investment Group, manages more than 1.7 million acres (690,000 hectares) worldwide with 150-plus employees, the companies said Monday in a statement. All of the firm's employees will remain with Campbell, which will stay headquartered in Portland, Oregon. Financial terms of the transaction, expected to be completed in the third quarter, weren't disclosed.
“This acquisition expands our alternatives offering and demonstrates our desire to integrate sustainability into our business in a way that is meaningful,” George Gatch, chief executive officer of JPMorgan's asset-management unit, said in the statement.
JPMorgan, based in New York, said it expects to become an active participant in carbon-offset markets, using forests to capture and store atmospheric carbon dioxide. Gatch said that investing in timberland on behalf of institutional and high-net-worth individuals will allow JPMorgan to expand its real estate expertise to forests, offering a “natural solution” to many climate, biodiversity and social issues.
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
