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New York, May 16:: JPMorgan Chase & Co expects to liquidate or spin-off much of the asset management arm of Bear Stearns Cos after it takes over Bear next month, people familiar with the situation said.
Bear Stearns Asset Management, which during the past year generated more bad news than revenues, has about 400 employees and managed $39 billion in investments at the end of February.
On Monday, JPMorgan Chief Executive Jamie Dimon told a UBS investor conference he expected the bank would close down "big parts of Bear's asset management business."
Ultimately, the people familiar said, roughly a third of Bear's asset management employees are expected to get job offers from JPMorgan. Some funds with strong track records will be spun-off to their management teams.
Meanwhile JPMorgan, which is eager to add on Bear's brokerage business, will shut Bear's brokerage operations in London and Hong Kong over the next two months. About 10 brokers plus support staff in London and roughly eight employees in Hong Kong will lose jobs as a result, the sources said.
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