Bloomberg – Mike Stewart, who JPMorgan (JPM) Chase & Co. picked last year to oversee a unit of traders being moved out of its investment bank, has left to start a hedge fund, according to two people with knowledge of the matter.
Stewart, 38, and a team of at least four other JPMorgan traders have founded Whard Stewart Asset Management Ltd., said the people, who declined to be identified because the bank hasn’t announced his departure. JPMorgan picked the London-based Stewart in February 2011 to oversee a team of about 50 traders it was transferring to an asset-management division to comply with new U.S. rules that restrict banks from betting on markets.
