Wed, Apr 16, 2014
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

Banner
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. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  2. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  3. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo

  4. Opalesque Exclusive: Pensions, endowments, family offices reconsider life settlement investments[more]

    Bailey McCann, Opalesque New York: Hedge funds were once the largest investors in the life settlement industry, now the industry is seeing more interest from pensions, endowments and family offices directly. Life settlements have always been considered a niche part of the investing landscape, an

  5. SEC allows investment funds to use social media[more]

    Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) has released new guidance letting investment funds and advisors use social media to promote client reviews. The guidance seeks to assist investment managers in developing compliance policies and procedures reasonably