JP Morgan Chase's five-year effort to stitch together a coherent mutual fund management business finally came together last year.

To be sure, JP Morgan is still an also-ran in terms of size. But it attracted more than $26bn (€18.9bn) in new money into its mutual funds last year, excluding money market funds, where flows can be volatile - a surprisingly strong showing that ranked the bank third in flows behind giants Vanguard Group and Pacific Investment Management.