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Staley leaves J.P. Morgan for hedge fund manager BlueMountain Capital

James E. Staley

James E. “Jes” Staley joined BlueMountain Capital Management as managing partner on Tuesday.

As BlueMountain Capital's ninth managing partner, Mr. Staley will serve on its management, risk and investment committees. He also will purchase an equity stake in the firm with proceeds to be used for infrastructure and technology upgrades and for future staff expansion, the news release said. Terms of Mr. Staley's equity purchase were not available, said Doug Hesney, a BlueMountain Capital spokesman.

Andrew Feldstein, BlueMountain Capital's CEO and chief investment officer, said in an interview that he has “known Jes for years” and that Mr. Staley's long experience in the financial industry and “very hands-on approach” will help the firm navigate the next stage of its growth.

“We are proud of our growth during the first 10 years of business, and we see incredible investment opportunities around the world. Our challenge is to be able to grow and innovate to be able to capture these opportunities, deliver them to our investors, while maintaining the close relationships we have with many of our clients. Jes has the expertise to help us do this,” Mr. Feldstein said.

Mr. Staley spent 34 years at J.P. Morgan Chase & Co., most recently as CEO of the company's investment banking division. He previously headed the firm's money management and private bank units.

Jennifer Zuccarelli, a J.P. Morgan spokeswoman, did not respond to e-mail and telephone requests for information about Mr. Staley's replacement.