However, last year'spurchase of UK asset manager Threadneedle underlines Mr Chenault's determination to build the business by giving it more in-house products to sell.
Even stocks that have fallen may still show gains since the date of purchase, so people who sold during this year's market declines may still face capital-gains tax.
To do so, the company will draw heavily on recent acquisitions, including last year's $2.7 billion purchase of 3Com and its $1.2 billion buyout of Palm.