Hedge Funds

JPMorgan prop man prepares to spin out


Evan Bernsten, a high-ranking proprietary trader at JPMorgan Chase, is expected to spin out before the end of the year. Bernsten is currently preparing for the launch of a global macro fund, to be called NorOden.

Samer Nsouli, manager of Lyford

The fund is expected to raise as much as $500 million in assets from outside investors. JPMorgan is also expected to sink some money into Bernsten's new venture and may even provide him with the necessary infrastructure to get up and running.

Still an employee of JPMorgan, Bernsten trades currencies, interest rate derivative and commodities.