Four hedge fund advisers at JP Morgan Private Bank have resigned after their research and selection ...
Four hedge fund advisers at JP Morgan Private Bank have resigned after their research and selection responsibilities were swallowed up by restructuring of the group's alternative asset management businesses.
The Private Bank's hedge fund advisory team of managing director, Michel Nassif, and his colleagues, Christophe Khaw, Stephane Ribordy, and Albert Collette, said in early February they would be leaving the Geneva-based operation.
Described as 'highly entrepreneurial' it is believed they will start their own boutique. However, they are currently working out an undisclosed notice period, managing the transfer of their client books in accordance with the restructuring programme.
A spokesperson at JP Morgan Private Bank explained Nassif's team had grown internal and external hedge fund assets under management to $4.5bn in three years. However, their research and selection process was being replicated at another division, JP Morgan Alternative Asset Management, which had greater resources at its disposal.
The group has now begun a transfer of business to JP Morgan Fleming Asset Management, to take advantage of JPMF's ability to attract more institutional investments.
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