JPMorgan To Close Hedge Fund, Private Equity Group

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.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of