NEW YORK (Reuters) - Bill Winters, a former top JPMorgan Chase & Co (JPM.N) official who left in 2009 after a falling out with Chief Executive Jamie Dimon, plans to launch an asset management and hedge fund company in the City of London, the Financial Times reported on Wednesday.
Winters has kept a low profile since his departure, though he is one of only five commissioners on the UK government’s Commission on Banking, which could decide the structure of that country’s banking sector, according to the newspaper report.
A representative for Winters could not immediately be reached for comment on the report.
The venture is backed by two of Europe’s wealthiest family investment groups: RIT Capital, the vehicle of Lord Jacob Rothschild, and Johann Rupert’s Reinet fund, the newspaper reported.
It will have tens of millions of pounds of start-up capital, but expects to attract several billion pounds of money to invest, including from family money and sovereign wealth funds, according to the report.
Winters would control half the company, and the Rothschild and Rupert vehicles the remainder, it said, adding that an announcement of the new company could some as soon as Thursday.
Winters’ role on the commission continues through September, and he has told friends he has no intention to return to work at a bank, the newspaper reported.
Reporting by Jonathan Stempel and Michael Erman in New York