JPMorgan's private equity unit to become independent

Fri Jun 14, 2013 9:25am EDT

A sign stands in front of the JPMorgan Chase & Co bank headquarters building in New York, March 15, 2013. REUTERS/Lucas Jackson

A sign stands in front of the JPMorgan Chase & Co bank headquarters building in New York, March 15, 2013.

Credit: Reuters/Lucas Jackson

(Reuters) - JPMorgan Chase & Co (JPM.N) said its private equity unit, One Equity Partners, will become independent from the bank and raise future funds from an external group of partners.

One Equity will continue to make direct investments for the bank for an interim period and still manage the existing group of portfolio companies for it.

One Equity currently manages about $4.5 billion in investments for JPMorgan.

(Reporting by Tanya Agrawal in Bangalore)

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