JPMorgan ChaseAsset Management announced on Monday that it had agreed to buy Campbell Global LLC, a company specializing in woodland investment and natural resource management, which manages more than 1.7 million acres of woodland worldwide and $5.3 billion in assets under management.
The deal is expected to close in the third quarter of this year at an undisclosed price.
"this acquisition expands our alternatives and shows that we want to integrate sustainability into the business in a meaningful way," George Gage (George Gatch), chief executive of JPMorgan asset management, said in a statement.
JPMorgan says it wants to be an active participant in the carbon offset market, using forests to capture and store carbon dioxide in the atmosphere. Mr Gage said investing in woodland by representative agencies and high net worth individuals would enable JPMorgan to extend its real estate expertise to forests, providing "natural solutions" to many climate, biodiversity and social problems.