JPMorgan Star Trader Set to Start Hedge Fund

Free From The Morgue!
Free at Last!!

JPM Chase's global head of proprietary trading Mike Stewart is reportedly leaving The Morgue to start his own hedge fund, and is taking with him his entire emerging-markets team from JPM.  Making matters worse for Jamie, JPM's global head of equities trading Deepak Gulati is also reportedly considering leaving to start his own hedge fund. 

(Reuters) - A team of top proprietary traders at JPMorgan Chase & Co is set to launch what is likely to be one of the largest hedge fund start-ups in 2012, the Financial Times reported on Sunday.

London-based Mike Stewart, JPMorgan's global head of proprietary trading and former head of emerging markets, is expected to start his own hedge fund, Whard Stewart, in the second quarter, the FT cited people familiar with his plans as saying.
Stewart's emerging-markets trading team at the bank is expected to join him, the newspaper said.
JPMorgan had chosen Stewart to head a new Alternatives Unit within the bank's asset management business. Fifty traders from JPMorgan's three major proprietary operations were set to move to the unit as the operations faced closure because of the Volcker rule, the FT said.
U.S. regulators have said the Volcker rule, which cracks down on banks trading with their own money, is unlikely to be finalized by a July deadline, but the threat of its implementation has encouraged some proprietary traders to set up their own funds.
JPMorgan's global head of equity proprietary trading, Deepak Gulati, is now considering setting up his own fund, the paper cited people with knowledge of his thinking as saying.
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