GLOBAL - Bear Stearns private equity arm to spin out

As part of the move JP Morgan, which took over the fallen bank in May, will become the firm's largest investor, with reports suggesting it will take around USD 1bn in assets and commitments. JP Morgan already controls one affiliated fund, One Capital Partners, which it took over in 2004 following the acquisition of One Bank.

Bear Stearns Merchant Banking has around USD 5bn in capital under managament.

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