JP Morgan has set up the Prime Custody Solutions Group to offer integrated prime brokerage and custody platform to clients, Bloomberg reports. The new unit, which will cater to hedge fund and long/short managers, will be headed by Devon George-Eghdami.

George-Eghdami will be based in New York and will work under Michael Minikes, chief executive of JP Morgan Clearing and Sandie O’Connor, global head of financing and markets products. Previously, she was the head of Hybrid Capital Trading.

JP Morgan has merged the equity prime brokerage business it acquired with Bear Stearns in 2008 with JP Morgan’s existing Treasury & Securities Services to form the new unit. The New York-based division will help hedge fund and long-only managers improve execution and collateral management, reduce financing costs, and consolidate reporting.

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