JPM sets up alternatives unit in the US

first_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So KCS-content JPMORGAN Chase is starting a new alternatives unit in its asset management business, formed from traders who are no longer allowed to trade for the bank’s own account under new US rules, according to a company memo.The fate of the JPMorgan traders has been up in the air as banks scramble to come to terms with the so-called Volcker rule restricting banks from betting with their own money, among other regulatory changes.A person familiar with JPMorgan’s changes said about 45 traders will move from its investment bank to a new unit within its asset management business.“We are confident that clients will benefit from their investment experience and insight,” wrote investment bank and asset management heads Jes Staley and Mary Erdoes in the memo to employees.Mike Stewart, co-head of the investment bank’s global emerging markets business, will run the new business, according to the memo. Stewart will work with Larry Unrein, head of private equity and hedge funds within asset management, in establishing the business.JPMorgan expects to complete the transition over several years, according to the memo.Chief Executive Jamie Dimon had said earlier this month the bank would remove some traders from its investment bank unit because of regulatory changes.Dimon has complained about the scattershot nature of US financial reform, which he says is making banking businesses more complicated rather than improving the financial system.JPMorgan, the second-largest US bank by assets, also expects revenues to be hurt by new rules that limit the charges it can apply to credit card and current account customers. Show Comments ▼ More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comcenter_img Monday 27 September 2010 8:45 pm JPM sets up alternatives unit in the US Tags: NULL Share whatsapplast_img read more