JP Morgan Asset Management has promoted a new head of its global equities business in a move that will see a role overseeing $430 billion in funds under management switch from London to New York.

Paul Quinsee will succeed Martin Porter, who is retiring after 32 years at the $1.7 trillion asset manager, during the fourth quarter of 2016, according to a statement on August 2. Porter works in London but the position will be based in New York under the responsibility of Quinsee once the change takes effect.