Eye on the Market

Michael Cembalest



Private Wealth

Episode: 49
April 22, 2018

Episode Description:

Michael Cembalest is the Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management, a global industry leader with $2 trillion of client assets under management. Michael is also a member of the Investment Committee for J.P. Morgan Asset & Wealth Management and the Investment Committee for the J.P. Morgan Retirement Plan that covers the firm’s 250,000 employees. Before taking on his current seat in 2012, he spent eight years as Chief Investment Officer of J.P. Morgan’s powerhouse Global Private Bank. Prior to his work on the buy side, Michael worked on the sell side at J.P. Morgan Securities as head strategist for Emerging Markets Fixed Income. He started his thirty-year tenure at the firm as a member of the Corporate Finance division.

Our wide-ranging conversation begins with Michael’s early career that included watching a financial crisis unfold in the late '80s and side-stepping another in the late '90s, and turns to his role as CIO of a large, global private bank. We discuss differences in asset allocation and implementation between private clients and institutions and along the way come across his evaluation of Bernie Madoff, the creation of his strategy piece - Eye on the Market, the chart that everyone hates, the impact of politics, government debt, and energy on the markets, and views about active management. Lastly, you won’t want to miss an amazing story Michael tells in answer to a new closing question.

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