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MORGAN DISCOVERS MUTUAL FUNDSFOLLOW THE MONEY: J.P. Morgan is expanding beyond its longtime focus on institutions and the wealthy, announcing on July 30 that it would be taking a 45% stake in no-load fund manager American Century for $900 million. ''Demographics is destiny,'' says Ned Kelly, a managing director of Morgan. ''As the population ages, asset management will continue to grow.'' American Century's focus on growth stocks contrasts with Morgan's more conservative investing style. But Morgan won't change its stripes, says Kelly. ''It's structured so each of us preserves autonomy. We'll work to build value together.''
EDITED BY KELLEY HOLLAND
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Updated July 31, 1997 by bwwebmaster
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