Key Takeaways
- • JPMorgan portfolio manager Steven Lee will retire in Q3 2026 from his roles managing the $3.5 billion US Large Cap Core Plus fund (JLPSX) and the $376 million Research Market Neutral fund (JMNAX), after 21 years at the firm.
- • Timothy Woodhouse and Andrew Stern have been added immediately as portfolio managers to JLPSX alongside existing manager Susan Bao, positioning the fund for Lee's departure and establishing a multi-manager structure.
- • Eytan Shapiro, CIO of JPMorgan's growth and small-cap US equity team, will step down from portfolio management duties in Q3 2026 but remain with the firm in his CIO role, exiting the $3.3 billion Small Cap Growth fund (JGSMX) and the $1.5 billion Small Cap Blend fund (JDSCX).
- • Michael Stein will assume lead manager responsibilities on the $3.3 billion Small Cap Growth fund following Shapiro's departure, with Philip Hart remaining as co-manager, marking the second PM transition on that fund in 2025 after Matthew G. Cohen's Q1 retirement.
- • Stein has been added effective immediately to the $1.5 billion Small Cap Blend fund, joining existing managers Shapiro and Lawrence Playford ahead of Shapiro's transition.
Summary
JPMorgan Asset Management is executing a planned transition of its portfolio management structure across multiple equity strategies, with two veteran managers departing their PM roles by Q3 2026. Steven Lee, a 21-year JPMorgan veteran who spent his first decade as a research analyst covering autos, transportation, and aerospace/defense sectors before moving into portfolio management, is scheduled to retire from his positions on the firm's flagship US equity strategies.
Lee's departure will affect the $3.5 billion JPMorgan US Large Cap Core Plus fund (JLPSX), where he has served as portfolio manager since 2020, and the smaller $376 million Research Market Neutral fund (JMNAX). To ensure continuity, JPMorgan has already added Timothy Woodhouse and Andrew Stern as co-portfolio managers on JLPSX effective immediately, where they will manage alongside Susan Bao, who has held the position since the fund's inception in 2005. This multi-manager structure reflects institutional asset management best practices for large-cap core strategies.
Separately, Eytan Shapiro, who has served as chief investment officer of JPMorgan's growth and small-cap US equity team since 1992, will step down from his portfolio management responsibilities in Q3 2026 while retaining his CIO role. Shapiro's exit will remove him from the $3.3 billion Small Cap Growth fund (JGSMX) and the $1.5 billion Small Cap Blend fund (JDSCX), both of which he joined in 2004. Michael Stein will become lead manager of the Small Cap Growth fund, with Philip Hart continuing as co-manager. Notably, this represents the second portfolio manager exit from that fund in 2025, following Matthew G. Cohen's retirement in Q1. On the Small Cap Blend fund, Stein has been added effective immediately as co-manager alongside Shapiro and Lawrence Playford ahead of Shapiro's full departure.
The dual transitions underscore deliberate succession planning at JPMorgan's equity management division, with advance positioning of replacement managers to ensure minimal disruption to fund operations during the leadership transitions scheduled for the third quarter of 2026.
Lee's departure will affect the $3.5 billion JPMorgan US Large Cap Core Plus fund (JLPSX), where he has served as portfolio manager since 2020, and the smaller $376 million Research Market Neutral fund (JMNAX). To ensure continuity, JPMorgan has already added Timothy Woodhouse and Andrew Stern as co-portfolio managers on JLPSX effective immediately, where they will manage alongside Susan Bao, who has held the position since the fund's inception in 2005. This multi-manager structure reflects institutional asset management best practices for large-cap core strategies.
Separately, Eytan Shapiro, who has served as chief investment officer of JPMorgan's growth and small-cap US equity team since 1992, will step down from his portfolio management responsibilities in Q3 2026 while retaining his CIO role. Shapiro's exit will remove him from the $3.3 billion Small Cap Growth fund (JGSMX) and the $1.5 billion Small Cap Blend fund (JDSCX), both of which he joined in 2004. Michael Stein will become lead manager of the Small Cap Growth fund, with Philip Hart continuing as co-manager. Notably, this represents the second portfolio manager exit from that fund in 2025, following Matthew G. Cohen's retirement in Q1. On the Small Cap Blend fund, Stein has been added effective immediately as co-manager alongside Shapiro and Lawrence Playford ahead of Shapiro's full departure.
The dual transitions underscore deliberate succession planning at JPMorgan's equity management division, with advance positioning of replacement managers to ensure minimal disruption to fund operations during the leadership transitions scheduled for the third quarter of 2026.
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