JPMorgan to sell small investment business in Asia

(Reuters) – JPMorgan Chase & Co, (JPM.N) which is pushing to simplify operations on its $2.46 trillion balance sheet, has put up for sale its Global Special Opportunities Group, an Asia-based unit that makes investments in mid-sized companies, according to a person familiar with the matter. The group employs about 35 people and tends to take stakes in loans that rank low in the capital structures of companies smaller than the large multi-national corporations the bank usually courts for international business, the person said declining to be identified because they were not authorized to speak on the record. The bank is marketing the unit to private equity funds and credit-oriented hedge funds that make similar investments. The unit is focused on real estate, impaired assets and principal finance and has expertise in distressed debt, according to a page on JPMorgan’s website.

    

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