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March 31, 2020updated 21 Aug 2020 1:38pm

JPMorgan seeks up to $10bn for alternative investments amid Covid-19

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The alternative investments arm of JPMorgan Chase is planning to secure up to $10bn in funding to navigate the coronavirus (Covid-19) crisis.

According to a report by Bloomberg, the bank eyes investments in the range of $5bn-$10bn over the next two months.

It intends to approach pension funds, sovereign-wealth funds, family offices as well as private banks for the investment.

This was revealed to Bloomberg by JPMorgan global head of alternatives for the asset management arm Anton Pil.

JPMorgan already has client funds of nearly $10bn. It will reportedly utilise this money on opportunities emerging from the market disruption.

Credit and real estate have each been allotted $3bn of the money. The balance will go towards transportation and infrastructure.

JPMorgan recently decided to close 20% of its US branches temporarily due to the Covid-19 pandemic.

At the same time, it decided to reduce the working hours at the branches that remain open.

Besides, the bank urged all its employees across the globe to work from home if possible.

Additionally, the bank committed a $50m philanthropic investment to address the immediate as well as long-term impacts of Covid-19.

It also pledged to pay a $1000 bonus to its employees who are staffing branches and call centres amid the pandemic.

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