LONDON--One of the JP Morgan Chase & Co. (JPM) bankers who
was a driving force behind the delayed mining mega-merger between
Glencore International PLC (GLEN.LN) and Xstrata PLC (XTA.LN) is
raising a $2 billion fund to invest in natural resources projects,
the Independent on Sunday reports, citing sources.
Lloyd Pengilly, one of several of JP Morgan's mining rainmakers
who left the bank this year, is reported to be setting up a private
equity company that will invest in "early-stage projects," the
newspaper says.
Industry sources said he would then look to sell on the projects
or companies at a profit and maybe list his fund on the stock
exchange in the coming years, though some doubted he could raise
more than $1 billion in current market conditions, the newspaper
adds.
Dow Jones Newswires was unable to contact Mr. Pengilly.
Full story:
www.independent.co.uk/news/business/news/exstar-at-jp-morgan-setting-up-huge-fund-8165630.html
Write to Alex MacDonald at alex.macdonald@dowjones.com
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