J.P. Morgan to spin private equity unit

March 1, 2005 at 10:27 AM

NEW YORK, March 1 (UPI) -- New York's J.P. Morgan Chase & Co. will spin off its large private-investment arm into an independent entity next year.

The plan to spin off J.P. Morgan Partners LLC, as the big bank's private equity business in known, includes a commitment to keep the far smaller private-equity business it bought recently from the former Bank One Corp., the Wall Street Journal reported Tuesday.

J.P. Morgan acquired Bank One last year and had, at one time, planned to spin off its private-equity business, called One Equity Partners LLC, by the end of this year.

An announcement could be made as early as Tuesday.

Related UPI Stories
Latest Headlines
Trending Stories
Pepsi to release 'Back to the Future Part II' inspired Pepsi Perfect
Nobel Prize in medicine awarded to parasitic disease scientists
Womb transplants begin in U.K. after Sweden's success
Gay Vatican priest comes out day before Pope Francis begins synod on family issues
Scientists find roadmap that may lead to 'exercise pill'