JPMorgan Star to Launch Hedge Fund

A team of JP Morgan Chase & Co proprietary traders is set to launch what is tipped to become one of 2012's the largest hedge fund start-ups.

London-based Mike Stewart, JP Morgan's global head of proprietary trading and former head of emerging markets, is expected to launch hedge fund Whard Stewart in the second quarter of the year.

Stewart's emerging-markets trading team at the bank is expected to join him. Stewart is understood to be leaving JP Morgan on good terms, but the bank has no plans invest in his new venture.