⚡IMPACT LEVEL 3 — NOTEWORTHY
Epstein File EFTA00747571: Jes Staley, Peter Mandelson and Asset (DS9)
CorrespondenceDate unavailableEFTA007475711 keyword hits
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This document is email correspondence dated March 30, 2010, from Jes Staley, Chief Executive Officer of the Investment Bank at J.P. Morgan, to Peter Mandelson. The email discusses asset management regulations, fiduciary banking practices, and regulatory policy regarding bank ownership of asset managers and capital requirements.
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PersonKeyword
Excerpt 1
Fiduciary: **Asset** Management
Regulations that protect client investments from other banking activities have proven successful during recent
financial crises
Excerpt 2
**Asset** Management is a profitable business entirely suited to fiduciary bank ownership with limited capital needs and
no risk weighted assets.
Excerpt 3
Prohibiting bank ownership of **asset** managers is unnecessary and eliminates a source of prudent diversification for
client holdings and long-term profit
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