JPMorgan Chase & Co., the largest U.S. bank, plans to break off its private-equity unit as an independent firm as the business raises a new fund backed by outside investors.

One Equity Partners will still make direct investments on behalf of JPMorgan for an “interim period” and continue to manage the bank’s existing group of portfolio companies, the New York-based company said today in a statement.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.