JPMorgan Split From Private Equity Unit Not Due To Volcker Rule

JPMorgan Chase & Co. (NYSE:JPM) said Friday it plans to break off its private equity unit as an independent firm. JPMorgan Chase & Co. (NYSE:JPM)’s private equity unit, One Equity Partners, will continue to make direct investments on behalf of the New York-based bank for an interim period. One Equity Partners will still manage the bank’s existing group of portfolio companies, according to The Wall Street Journal’s report. One Equity Partners will raise their next fund from an external group of limited partners and become independent from JPMorgan Chase & Co. (NYSE:JPM). Private equity was once a high profile business at JPMorgan…