07:54 AM EDT, 05/23/2024 (MT Newswires) -- (Updates with additional details in next paragraphs)

JPMorgan Chase & Co. ( JPM ) is looking to purchase a private credit company to bolster its asset management business, Bloomberg reported, citing unnamed people familiar with the matter.

Sources said JPMorgan ( JPM ) held talks earlier this year to acquire Chicago-based Monroe Capital, though they ultimately decided not to purse a deal.

One of the sources said JPMorgan's ( JPM ) asset management unit may also opt for growing its private credit offerings organically.

JPMorgan ( JPM ) CEO Jamie Dimon reportedly said at an investor day Monday that the company is "not going to buy a private capital company," but then added that if his deputies "came in and said we have a great thing that makes sense for us, then yeah, fine, we should do it."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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