JPMorgan pulls plug on Citigroup execs' fund

How hard is it to make it in the alternative investment industry these days? Maybe that's a good question for former Citigroup star executives Robert Willumstad and Marjorie Magner, the former chief of the consumer unit who some saw as a possible CEO before she stepped down. The Financial Times reports that JPMorgan Chase has pulled the plug on $600 million private equity fund that the two ran.

Brysam Global Partners, which was launched in 2007 with big investments from JPMorgan and its founders, invested in banks around the world. But the firm may not be dead. Willumstad has told investors that the fund would continue and would shift its focus to U.S. bank assets. The two may continue to invest their own funds through the scaled back firm. 

For more:
- here's the FT article

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