Standing to leave JP Morgan

Rob Standing, London-based head of JP Morgan Chase's interest rates business, is to leave the firm to join London Diversified Fund, a $1 billion fixed-income hedge fund he set up while at Chase Manhattan in 1995.

Standing, who has been with the US bank for 21 years, will take over the day-to-day management of London Diversified Fund, working alongside David Gordon, chief executive of the London-based fund.

A spokesperson for JP Morgan said that Standing will leave in the next two weeks, during which time the company will seek a successor to his role.

Standing originally set up the London Diversified Fund as a proprietary trading operation at the then Chase Manhattan Bank. The fund, which focuses on the fixed-income markets, was part of JP Morgan Chase's rates business until last year when it became independent.

"This is a fund he was instrumental in beginning," said the spokesperson. "He made the decision that he wanted to continue managing this."