Sunday, 23 November 2014
Last updated 1 day ago
Jun 3 2009 | 9:07am ET
JPMorgan Chase is shuttering the hedge fund and private equity businesses of one of its proprietary trading groups.
The New York investment bank is breaking up its principal investment management group. The hedge fund and private equity divisions are to be closed, although its Asian private equity team will continue to operate as part of an emerging markets and credit trading desk.
The group’s real-estate team will move into JPMorgan’s securitized products division, headed by Brian Baker, while its tax-oriented and structured-investing team will join another securitized products group, led by Craig Delaney, Bloomberg News reports
Most of the 150 employees of principal investment management will be reassigned within JPMorgan, possibly including the group’s head, Bob Case. Case joined JPMorgan two years ago from Citigroup, where he served as chief administrative officer of a hedge fund unit.
JPMorgan has been cutting back on its risk-taking in recent months amidst the global financial crisis. The firm closed its global proprietary trading desk in November.
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