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Article: JPMorgan to spin off buyout unit
- Article from:
- China Daily
- Article date:
- March 3, 2005
- Author:
CopyrightCopyright 2005 China Daily. Provided by ProQuest LLC. (Hide copyright information)
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JPMorgan Chase & Co, the second-biggest US bank, plans to spin off
its main buyout business next year after clients complained that the
company was putting its interests ahead of theirs.
JPMorgan will separate JPMorgan Partners LLC, which has about
US$13 billion of assets, after the firm invests all of its current
fund, the bank said in a statement yesterday. Jeffrey Walker, who
helped start JPMorgan Partners in 1984, will remain head of the
company's 120 investment executives.
The New York-based bank, which has a market value that's about
half as large as Citigroup Inc's, is reorganizing four weeks after
Bill Price, co-founder of US buyout firm Texas Pacific Group, said
competition from ...