August 30, 2018 / 4:03 PM / a month ago

JPMorgan to liquidate Roumani-led $1 billion hedge fund: Bloomberg

(Reuters) - JPMorgan Chase & Co’s asset management arm is liquidating a $1 billion credit hedge fund led by Fahad Roumani after abandoning a plan to spin it off, Bloomberg reported on Thursday, citing a letter to investors.

FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo

The Palm Lane Credit Opportunities Fund, which started with initial capital from JPMorgan Chase, earlier this year reversed a decision to transfer the management contract to a separate company, the report said, citing the letter dated June 13. (bit.ly/2NykP30)

The JPMorgan fund employed about 23 people and has returned more than 50 percent since it opened with no down year, the report said.

JPMorgan Chase was not immediately available for comment.

Reporting by Diptendu Lahiri in Bengaluru; Editing by Sriraj Kalluvila

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