The Asia chief executive of JP Morgan Asset Management is leaving to head the North American operations of UK insurance group Prudential.

After nearly eight years at the $1.7 trillion US fund house, Michael Falcon will replace Barry Stowe, who will retire as chairman and CEO of Prudential’s North American business on December 31.

Returning to his native US, Falcon will take over on January 7, 2019, and divide his time between Nashville, Tennessee and Lansing, Michigan. He will remain with JP Morgan AM until the end of this year to aid the transition to a new chief.

JP Morgan said it would announce a successor in due course, but a spokeswoman declined to say whether the individual would be an internal replacement or external hire.

Stowe had served with Prudential for 12 years, including as Asia CEO, and will remain as an adviser to the group.

Before leading JPM AM’s $171 billion AUM Asia business since July 2015, Falcon was CEO of the group’s retirement businesses in the US.

He has also served as head of Merrill Lynch’s retirement group, with responsibility for several businesses serving individual and employer retirement plans.