JP Morgan Taps Mike Stewart As Chief Of Prop Trading And Is Seeding His Unit With $2 Billion

Jamie Dimon

Photo: Stanford Graduate School of Business

JP Morgan is “pressing ahead” with plans to move its prop trading unit into the bank’s asset management arm to comply with the Volcker Rule, and will seed the unit with $2 billion Financial News reports.The bank has tapped Mike Stewart, who at the moment runs the global emerging markets business.

According to Financial News, “plans have not been formalised but it’s likely the team will launch a central fund that invests across three main areas: emerging markets, credit, and equities.”

Stewart will run emerging markets investments; Fahad Roumani will run the credit unit and Deepak Gulati, who’s currently head of global equity prop trading, will head up equities.

Click here to read more about how banks are moving prop traders into asset management >

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