(Reuters) - JPMorgan Chase (NYSE:JPM) & Co's asset management arm is liquidating a $1 billion credit hedge fund led by Fahad Roumani after abandoning a plan to spin it off, Bloomberg reported on Thursday, citing a letter to investors.
The Palm Lane Credit Opportunities Fund, which started with initial capital from JPMorgan Chase, earlier this year reversed a decision to transfer the management contract to a separate company, the report said, citing the letter dated June 13.
The JPMorgan fund employed about 23 people and has returned more than 50 percent since it opened with no down year, the report said.
JPMorgan Chase was not immediately available for comment.
