Oct
20
JPMorgan Is Said to Be Near Deal to Spin Off Private Equity Unit
By
Jamie Dimon, chief executive and chairman of JPMorgan Chase. CreditCharley Tines/Detroit News, via Associated Press
JPMorgan Chase is close to completing a deal to spin off a large private equity unit that has operated within the bank, a person briefed on the deal said on Tuesday.
The deal would push Highbridge Capital Management’s $22 billion private equity portfolio outside JPMorgan, though the bank would keep a minority stake, the person said. Highbridge’s top executives, including its chief executive, Scott Kapnick, are expected to take ownership.
Since the financial crisis, the big banks have been under pressure to spin off their in-house private equity and hedge funds…
JPMorgan Is Said to Be Near Deal to Spin Off Private Equity Unit
