Tuesday, January 8, 2013

JP Morgan’s Crown Prince Jumps to Hedge Fund

According to Fox Business J.P. Morgan Chase investment bank chairman Jes Staley is heading to BlueMountain, one of the hedge funds that cleaned up on the banking giant’s “London Whale” trading debacle last year.

After 34 years with J.P. Morgan, Staley had been one of the top lieutenants of CEO Jamie Dimon but he is now joining a lower-profile firm that nonetheless has $12 billion in assets under management.

New York-based BlueMountain Capital Management is hoping Staley will help the fund bring in new clients and steer its portfolio through turbulent markets.

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