The leading web resource for financial technology
   
bobsguide.com

JPMorgan proprietary traders moved to asset management unit

email this aricle - JPMorgan proprietary traders moved to asset management unit - 29 September 2010 print this article - JPMorgan proprietary traders moved to asset management unit - 29 September 2010
JPMorgan proprietary traders moved to asset management unit
Proprietary traders at JPMorgan are being moved to an alternative investments unit due to the implementation of new financial reform in the US.

Traders working within the bank’s emerging markets, structured credit and equity divisions will be transferred to the new division within the financial services provider’s asset management department, the firm stated in an internal memo.

Mike Stewart, joint-head of the investment bank's global emerging markets, is expected to manage the new unit.

In the message, Mary Erdoes, chief executive officer (CEO) of asset management, and Jes Staley, investment bank CEO, explained that the move by the bank was “a result of new financial reform regulation in the US”.

“The IB colleagues who will transition have delivered strong risk-adjusted returns for the firm, and we are confident that clients will benefit from their investment experience and insight.”

Mr Stewart is expected to work with Larry Unrein, head of private equity and hedge funds in asset management.

The move follows the introduction of the Dodd-Frank act as part of new legislation for the financial services industry.

When the regulations become law, banks will be prevented from making trades using their own capital as part of a wider strategy to reduce the exposure of institutions to risk in the marketplace.

By Jim Ottewill

Comments (0)

No one has commented on this yet. Be the first!
Add your comment - Max 1000 characters used
More news