JP Morgan will shift its proprietary trading unit out of its investment bank to its asset management division, Financial News reports. The new group, which will be led by Mike Stewart, co-head of the bank’s global emerging markets business, will be seeded with around $2 billion by JP Morgan.

The new group is expected to launch a central fund that invests across emerging markets, credit, and equities. Fahad Roumani, a managing director in credit proprietary trading, will manage credit and Deepak Gulati, head of global equity proprietary trading, will handle equities. Majority of the business will be based in London with offices in New York and Singapore.

Click here for the story from Financial News.