Bloomberg – Irene Tse, the former Goldman Sachs Group Inc. (GS) partner hired by JPMorgan Chase & Co. (JPM)’s chief investment office to help manage the bank’s balance sheet while it boosted risk, is leaving to start a hedge fund.
Tse, 43, hired by New York-based JPMorgan less than two years ago as chief investment officer for North America, is starting her own fund early next year, said people with knowledge of the matter, requesting anonymity because her plans haven’t been announced. The fund will make investments based on trends in the global economy, the people said.
JPMorgan, led by Chief Executive Officer Jamie Dimon, has been curbing risk in the chief investment office after London traders built a position in credit derivatives that cost the firm $5.8 billion in the first half of the year. Tse’s departure deprives the unit of one of its most senior leaders following changes and dismissals that stemmed from the botched bets by U.K.-based trader Bruno Iksil, nicknamed the London Whale because the wagers were big enough to move the market.
Former Chief Investment Officer Ina Drew, 56, who retired four days after Dimon announced the initial losses on May 10, hired Tse in January 2011 to oversee North America. Tse came from Stanley Druckenmiller’s hedge fund Duquesne Capital Management LLC, where she spent three years as a portfolio manager trading mortgage securities and betting on interest rates, foreign exchange, credit, equity, commodities and structured products.
