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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.

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