Head of prop trading leaves JP Morgan

exit-door

Mike Stewart, JP Morgan's London-based head of proprietary trading, is leaving the firm to set up his own hedge fund.

The hedge fund, Whard Stewart, will be launched in the second quarter of 2012 and will focus on emerging markets. It is expected that members of his existing emerging markets trading team at JP Morgan will join him, according to press reports.

JP Morgan said in 2010 that those working in its proprietary trading team would be transferred to the asset management division, where

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