Wed, Aug 5, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Head of prop trading at JP Morgan leaves to start own hedge fund

Monday, March 05, 2012

Bailey McCann, Opalesque New York: According to a Financial Times report, Mike Stewart, JP Morgan's global head of proprietary trading is leaving to start his own hedge fund. Stewart, who is based in London will be starting a fund called Whard Stewart, in the second half of this year. He is expected to be bringing a team of emerging markets traders with him. The fund launch looks to be one of the biggest in 2012.

Stewart originally indicated that he would stay with the bank despite changes in the US regulatory environment for proprietary traders. Regulators in the US said they would delay implementation of several key regulatory provisions including the the so-called "Volcker rule," late last week. The rule essentially bans banks like JP Morgan from engaging in proprietary trading.

Stewart had recently been chosen to lead the bank's alternatives unit and will now leave that post open. The unit will operate within JP Morgan's asset management business in order to comply with the Volcker rule and be comprised of traders previously working in the firm's proprietary trading team.

Deepak Gulati, global head of equity proprietary trading at JPMorgan is also considering launching his own fund. JP Morgan has so far declined to comment on either Mr. Stewart or Mr. Gulati.

......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Activist News - Celgene says patent-fighting hedge fund manager wants to short its shares[more]

    From Reuters.com: Celgene Corp, one of the world's largest biotechnology companies, has accused U.S. hedge fund manager Kyle Bass of attempting to profit from his attempts to wipe out several major drug patents through his Coalition for Affordable Drugs. The company asked the U.S. Patent and T

  2. Einhorn's Greenlight Capital hedge fund slumps 6.1 percent in July[more]

    From Reuters/Thefiscaltimes.com: Hedge fund mogul David Einhorn's Greenlight Capital slumped 6.1 percent in July and is now down 9 percent for the year after gold, one of the fund's top holdings, tumbled to five-year lows last week. Greenlight notified clients of its returns late on Friday, ac

  3. Performance - Some hedge fund small-cap energy stocks have been free falling, Dan Loeb's simple strategy destroys the market, Baupost lost 1.4% last quarter as energy bargains proved elusive[more]

    Some hedge fund small-cap energy stocks have been free falling From Marketrealist.com: According to a July 28, 2015, Bloomberg article, there was a 34% fall in small-cap energy stocks over the past three months. These shares are tracked by the Russell 2000 Energy Index. Small-cap energy

  4. Legal - Hedge funds hit Rothstein Kass with $75m malpractice suit, JPMorgan questioned on private bank’s hedge fund disclosures, Kijani fund, seized by regulators in Cayman Islands, spotlights risks in lightly regulated market[more]

    Hedge funds hit Rothstein Kass with $75m malpractice suit From Law360.com: Two investment funds have sued Rothstein Kass & Co. PC for at least $75 million, claiming the New Jersey auditing firm committed accounting malpractice by failing to properly scrutinize overblown valuations of the

  5. Assets - Hedge funds are getting smoked by the commodities slump, Global ETF assets could more than double by 2020[more]

    Hedge funds are getting smoked by the commodities slump From Businessinsider.in: The collapse in commodity prices has burnt another hedge fund. Vermillion, a commodity hedge fund backed by Carlyle Group, has seen its flagship fund's assets fall from nearly $2 billion to less $50 million,

 

banner