With nearly two decades of ABL experience, J.P. Morgan’s new global head of Asset-Based Lending sits down for a Q&A with ABF Journal to outline a strategy centered on client-first growth, cutting-edge technology and the next generation of leaders.
As J.P. Morgan’s new global head of Asset Based Lending, Andrew Ray is stepping into the role with a clear vision: maintain the strong momentum of the existing platform while scaling new opportunities across markets. From fueling middle market and private equity deal activity to advancing a digital-first, data-driven approach, the strategy is designed to meet the evolving needs of clients worldwide. At the same time, Ray is committed to fostering talent development — a focus rooted in personal experience rising through the ranks at J.P. Morgan. In this conversation with ABF Journal’s Editor in Chief Rita Garwood, Ray discusses his immediate priorities, global growth opportunities, and how mentorship and collaboration will shape the future of the business.
Rita Garwood: As the new global head of Asset Based Lending, what are your immediate priorities for the business?
Andrew Ray: First and foremost, we want to maintain the strong momentum we have built across our existing platform to support the growth of our clients and markets. We are focused on driving new deal activity and continuing to execute with excellence, particularly in structuring and syndication, as market activity continues to pick up. We are also laser-focused on our digital strategy, incorporating the latest tools and technologies and embracing a truly data-driven approach to deliver for clients and manage risk across the portfolio. Last, but certainly not least, talent development is central to our strategy. This is something I am personally very passionate about and am dedicated to empowering our team to pursue growth opportunities across the firm.
I’m incredibly proud to lead this business at J.P. Morgan where we can deliver the strength of our network across Global Banking, from tapping experts in Equity Capital Markets (ECM) and Debt Capital Markets (DCM) to partnership with Financial Sponsor and Commercial Banking coverage.
Garwood: Where do you see the biggest opportunities for growth in ABL within J.P. Morgan’s Commercial Banking platform?
Ray: The biggest opportunity right now is growing our middle market business and deepening our work to support sponsors. Private equity has been top-of-mind for a lot of companies this year for a reason – investors are sitting on a lot of dry powder and looking to execute. We can help sponsors identify opportunities and drive new deal activity. Our ability to work seamlessly across the J.P. Morgan platform, including our national Commercial and Corporate Banking platform, ECM, DCM, and industry verticals, allows us to deliver comprehensive, product agnostic solutions to help both companies and investors reach their goals.
Garwood: How will you build on the foundation already in place to further scale ABL globally?
Ray: J.P. Morgan has a world-class global franchise, and our industry leadership provides us with a significant competitive advantage. We currently deliver lending capabilities to clients in approximately 25 countries across EMEA and APAC, in addition to North America. By continuing to put our clients first and partner seamlessly with our colleagues across the firm and around the world, we are well-positioned to continue scaling the business globally.
Garwood: You’ve spent more than 18 years at J.P. Morgan, much of it in ABL. What do you think has prepared you most for this role?
Ray: I’m proud to say that I’ve held nearly every position within the ABL business, including portfolio management, origination, syndication, and leadership roles across various business units. I understand the importance of each leg of the stool and how they all work together to deliver for our clients. I’ve seen firsthand the quality and dedication of our global team, regardless of where they may sit in the organization. Working across the business has also taught me the value of partnership and levelheaded thinking in working towards a solution. I’ve seen a diverse array of situations and am confident in myself and our team to face any challenge head-on now and in the future.
Garwood: You’ve led origination, syndication, and portfolio management. Which of those experiences do you think will be most valuable as you step into this global leadership position?
Ray: It’s the combination of those experiences that really deliver value. They have collectively shaped my ability to lead and execute across the full spectrum of ABL activities, including driving new deal activity, managing risk, and leveraging the strengths of the J.P. Morgan platform to deliver innovative solutions for our clients.
Garwood: You’ve been recognized for championing talent development. How do you plan to continue cultivating the next generation of ABL leaders?
Ray: Talent development begins at the intern and analyst level. We dedicate significant time and resources to identifying, training, and mentoring talent throughout the early stages of their careers. This commitment provides a competitive advantage for our business, enabling us to run the business effectively today and build a strong bench of future leaders. By advancing our junior talent program and fostering a culture of mentorship and partnership across the firm, we ensure that our team is empowered to seize growth opportunities and drive the business forward. I began my career as an intern at J.P. Morgan, so I’ve seen this firsthand.
Garwood: How are client needs in asset-based lending shifting, and how is J.P. Morgan adapting?
Ray: Our clients are increasingly complex and multijurisdictional, which requires our team to be able to tackle traditional financing needs and also deliver against unique circumstances or tap into new asset classes to provide incremental liquidity. We balance these opportunities with our credit requirements, adapting our approach to meet evolving client needs. By understanding every situation is unique, we can deliver flexible, innovative solutions that help clients navigate the changing landscape.
Garwood: What competitive advantages does J.P. Morgan bring to the ABL market compared to other players?
Ray: The strength of our team is built on the deep foundation of expertise available to us across the firm. Our ABL team operates seamlessly across ECM and DCM platforms, sponsor coverage, and in partnership with our commercial bankers to offer clients a comprehensive set of financing options. Our internal partnership model ensures that the solutions we offer our clients are product and path agnostic. There is no pride in ownership. We put our clients’ needs first.
Garwood: With global economic headwinds and shifts in capital markets, how do you expect ABL to respond over the next few years?
Ray: We will continue to focus on managing credit quality within our portfolio and identifying opportunities to support clients across economic cycles. As capital markets shift, we expect a continued blending of public and private debt funding options, with ABL playing a role in all solutions. By driving new deal activity, leveraging our platform strengths, and advancing our digital strategy, we are prepared to navigate the evolving landscape.
Garwood: Looking back on your career, what’s been a defining moment in your time at J.P. Morgan?
Ray: Some of the most defining moments have come from working on the hardest deals. Navigating challenging situations and difficult conversations has taught me the importance of being a source of calm in the storm. My approach is to remain balanced, consider strategic alternatives, make decisions collectively but decisively, and then execute at a granular level to achieve the best outcome.
Garwood: What advice would you give to younger finance professionals aspiring to leadership roles in banking?
Ray: Mentorship is extremely important. Early in your career, find what makes you indispensable—seek out opportunities to attend meetings, listen, and be part of the conversation. Banking is built on a mentorship model, and finding mentors is crucial for navigating both good and challenging times. Developing your skills, embracing partnership, and remaining levelheaded will position you for success and future leadership opportunities. I’ve been fortunate to have a number of mentors.