(Reuters) - JPMorgan Chase & Co ( JPM ) said its asset management unit has left a flagship industry climate effort, a blow to the group that had paused operations in January in an effort to halt defections.

A statement sent by a representative of the unit known as JPMAM noted the pause by the Net Zero Asset Managers initiative in January, which took place "in the midst of developments in the regulatory environment and client expectations.  In light of that, JPMAM has decided to exit."

The company did not immediately comment further.