The asset management arm of JPMorgan Chase & Co. has agreed to purchase Campbell Global LLC, which focuses on forests and natural resources and has invested $ 5.3 billion, as the bank bets on growing carbon offsets markets.
Campbell Global, which is part of BrightSphere Investment Group, manages more than 1.7 million acres (690,000 hectares) worldwide with more than 150 employees, the companies said on Monday in a declaration. All company employees will remain with Campbell, which will remain headquartered in Portland, Oregon. Financial terms of the transaction, which is expected to close in the third quarter, were not disclosed.
“This acquisition expands our range of alternatives and demonstrates our commitment to embed sustainability into our business in a meaningful way,” said George Gatch, CEO of JPMorgan’s asset management unit, in the statement.
New York-based JPMorgan said it plans to become an active participant in carbon offsetting markets, using forests to capture and store atmospheric carbon dioxide. Gatch said investing in forests on behalf of institutions and wealthy individuals would allow JPMorgan to extend its real estate expertise to forests, offering a “natural solution” to many climate, biodiversity and social issues.