JP Morgan Asset Management has hired Michael Falcon as managing director and head of retirement in the US and Canada.

Falcon is a well-known retirement specialist with 25 years of financial services experience. Prior to his new role, he managed a financial media and consulting firm founded by NBC's Today financial editor Jean Chatzky. From 2000 to 2008, he served as senior executive in Merrill Lynch's wealth management unit, where he was responsible for the retirement division. Falcon will be based in New York and report to George Gatch, the chief executive of JP Morgan Investment Management Americas.

"JP Morgan is uniquely positioned to create holistic retirement offerings that serve everyone. Whether we look at investment products and capabilities, wealth management services, retail or corporate banking, there are opportunities to offer a broad range of products and services to the retirement market," Falcon said in a statement.

Based in Kansas City, JP Morgan's retirement plan services business has over 1.8 million participants and $113 billion in retirement plan assets as of 30 September 2010. Worldwide, JP Morgan Asset Management has around $1.8 trillion in assets under supervision and $1.3 trillion under management.