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May 23, 2006
JP Morgan Plans Hedge Fund Deal
JP Morgan is finalizing a deal with a UK-based hedge fund manager, which is priced at £2 billion. According to JP Morgan sources, the transaction would be along similar lines to the recent Paloma deal. It is important to remember that JP Morgan had decided to buy the middle and back office operations of Connecticut-based fund management group Paloma earlier this year.
Details of the new deal are yet to be known. According to a spokesperson of JP Morgan group, the bank is in the process of expanding its hedge fund servicing business. It is looking for similar deals in near future.
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"An increasing number of our hedge fund customers are interested in finding a trusted third party to run their operations for them," Malde said at the time.
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