[ by Howard Haykin ]

She was a 14-year veteran with Goldman Sachs when she left as a partner in 2008 to become a portfolio manager at Duquesne Capital Management.  Three years later, she was hired to serve as Chief Investment Officer for North America at JPMorgan Chase. 

Now, less than 2 years later, Irene Tse is moving on once again, this time to launch a hedge fund early next year according to anonomous sources.  They say Ms. Tse, 43, will be running a fund that makes investments based on trends in the global economy.

Hired by Former JPMorgan CIO Ina Drew. Ms. Tse was hired by JPMorgan in 2011 to help manage the bank’s balance sheet while it boosted risk.  She came from Stanley Druckenmiller’s Duquesne hedge fund, where she traded mortgage securities and bet on interest rates, foreign exchange, credit, equity, commodities and structured products. 

Former JPMorgan Chief Investment Officer Ina Drew, 56, hired Ms. Tse.  Ms. Drew retired in May shortly after CEO Jamie Dimon announced that London traders in the firm's chief investment office had caused the firm to lose billions on large positions in credit derivatives.  Tse was among multiple executives hired by Ms. Drew after Mr. Dimon, 56, cleared the way for the CIO to invest in riskier securities, according to more than a half dozen former and current executives.

Since he announced the losses, CEO Dimon has been curbing risk in the chief investment office.  Tse’s departure deprives the unit of one of its most senior leaders following changes and dismissals that stemmed from the botched bets by U.K.-based trader Bruno Iksil, nicknamed the London Whale.  Ms. Tse will help to ensure a smooth transition by working with Craig Delany, who has taken over the Chief Investment Office.

For further details, go to:  [Bloomberg, 10/1/12].