Monday, 4 May 2015
Last updated 8 hours ago
Sep 15 2010 | 2:52am ET
JPMorgan Chase CEO Jamie Dimon has announced the firm’s plans to comply with the newly-enacted Volcker rule, and they do not include divesting the firm’s enormous Highbridge Capital Management hedge fund or its main private equity business.
Dimon said the new U.S. banking regulations will not force it to sell Highbridge, so the unit “will stay in the current form it is.” Highbridge manages “client-only” hedge funds, so “the seed restriction on capital is fine with us,” Dimon said during an investor presentation yesterday, MarketWatch reports.
Nor does the firm plan to sell its One Equity Partners private equity unit, which has $8 billion in assets under management. The firm will shutter some of its other private equity business to comply with the new law.
JPMorgan will also move its “best” proprietary traders to its asset management unit, as the Volcker rule does bar banks from trading their own capital. But Dimon said that the closure of the prop. desks would not have a material impact on the firm.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…