JPMorgan closing down Principal Investment Management
|June 4th, 2009||
|JPMorgan Chase & Co. (JPM) is in the process of closing down its investment banking division’s Principal Investment Management group, according to an article from Bloomberg. The team has been responsible for investing the firm’s capital in long-term investment opportunities across multiple asset classes including, Private Equity, Mezzanine, Real Estate, Hedge Fund Equity, and Tax-Oriented Investments.
According to the article, most of the group’s employees will be disbursed to other divisions. The Private Capital Asia Group, which is led by Varun Bery and co-invests in private equity transactions in Asia, is expected to stay in-tact.
The Principal Investment Management is led by Managing Director Bob Case who joined J.P. Morgan in 2007. It is not known what role Bob will take after the group dissolves. Prior to JPM, Bob was Chief Administrative Officer of Citigroup Alternative Investments (CAI), where he managed the formation and approval of alternative investment funds. Since his departure, CAI is a mere shadow of its former self, as Citigroup has been forced to close CSO Partners, Old Lane Partners, and Tribeca Global Investments, among others.