JPMorgan Chase (NYSE: JPM) announced today that the partners of One Equity Partners (OEP), the firm's private equity unit, will begin to raise their next fund from an external group of limited partners and become independent from JPMorgan Chase. One Equity Partners currently manages approximately $4.5 billion of investments for JPMorgan Chase in direct private equity transactions and has produced strong returns over the last twelve years.

OEP will continue to make direct investments for JPMorgan Chase for an interim period. OEP will still manage the existing group of portfolio companies for JPMorgan Chase to maximize value for the firm.

"I have worked with the team at OEP for the past 12 years and have a lot of respect for all that they have accomplished and the great value they have delivered to the firm," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. "Going forward, I am confident they will continue to be extremely successful."

Following the internal review, J.P. Morgan has also reaffirmed that it will remain fully committed to its traditional banking activities in the commodity markets, including financial derivatives and the vaulting and trading of precious metals. The firm will continue to make markets, provide liquidity and offer advice to global companies and institutions that have, for years, relied on J.P. Morgan's global risk management expertise.

"The One Equity team has produced strong returns over the years and we have been extremely pleased with their results," said Matt Zames, Chief Operating Officer of JPMorgan Chase. "They have helped grow some great companies. The time is right for them to seek new capital to strengthen their global strategy, as they continue to manage our existing portfolio to maximize value to the firm," Mr. Zames added.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About One Equity Partners

One Equity Partners partners with management teams and makes investments to help businesses grow, often through combinations. OEP acts as a lead investor both as majority and minority owner in acquisitions and growth capital financing. OEP investments typically range from $50 million to $250 million per transaction. With investments in North America, Europe, Asia, and South America, OEP is a leader in global strategic investing. More information about OEP is available at www.oneequity.com.