(Australia) – Global banking giant JP Morgan Chase has quit the management of its stake in Australia’s A$5 billion private equity industry.Morgan Capital Asia Pacific’s seven-strong Australian private equity team has bought the business from the parent company for an undisclosed sum.
The renamed Georgica Associates will manage Morgan Capital’s existing A$200 million private equity portfolio in Australia and Asia, and offer advice to third parties on private equity deals.
Several global houses, including BNP Paribas, Deutsche Bank and HSBC have spun out or are looking to spin out their private equity operations, which have suffered from the bear market in technology companies since 2000.