The chairman of JPMorgan Chase & Co.’s investment banking unit is leaving his post to join hedge fund firm BlueMountain Capital Management.
New York-based BlueMountain said in a statement Tuesday that James Staley, who has been with JPMorgan for over 34 years, is now a managing partner at the hedge fund where he will focus on cultivating relationships and developing new strategies.
Staley will also purchase a stake in BlueMountain and its proceeds will be invested in new infrastructure, technology and talent.
Founded in 2003, BlueMountain has an additional office in London. The firm has about $12 billion in assets under management.