Bear Stearns Asset Management is in the process of being dismantled by JPMorgan Chase & Co., judging from conversations New York-based executive recruiters who asked not to be identified have had with exiting employees. Bear Stearns Asset Management is “pretty much shuttered now” one recruiter said. Another recruiter described Bear Stearns Asset Management’s fate as “a blowout.” Officials from Bear Stearns and JPMorgan Asset Management declined to comment.
At an investor conference Monday, Jamie Dimon, JPMorgan Chase CEO, said the firm will close “big parts” of Bear Stearns Asset Management’s investment strategies, rather than absorb the entire company into JPMorgan Asset Management. JPMorgan Chase announced its intention to acquire The Bear Stearns Cos. Inc. on March 16, a move approved by the Federal Reserve Board on April 1.
