Bill Winters, the former co-chief executive officer of JPMorgan Chase & Co.’s investment bank, started an asset management and advisory firm with funding from Jacob Rothschild’s RIT Capital Partners Plc.
Winters, 49, will own 50 percent of the new company called Renshaw Bay, according to a statement. London-based investment trust RIT and Reinet Investments SCA, a Luxembourg-based investment company chaired by Johann Rupert, will own the rest.
Winters was ousted by JPMorgan CEO Jamie Dimon in September 2009 after 26 years at the bank. He was last year named to the U.K.’s Independent Commission on Banking, which is reviewing the structure of the country’s financial-services industry.
“Bill Winters, RIT and Reinet each intend to invest substantial capital,” according to the statement. “The business may also seek to build out or acquire its own investment management capabilities.”
Renshaw Bay will work “focus on risk management and alignment between investors and investment managers,” Winters said in the statement. It will “cooperate closely” with RIT Capital, which is chaired by Jacob Rothschild. Winters will become a non-executive director of RIT Capital. RIT Capital’s investments include Vallar Plc, a mining investment company founded by Jacob’s son, Nathaniel.
“Bill Winters has proven to be among a handful of truly exceptional leaders in the global finance community,” Rothschild said.
Reinet’s Rupert is chairman of Geneva-based Cie. Financiere Richemont SA, the world’s largest jewelry maker. Reinet was created in 2008 when Richemont span off its tobacco and technology investments. In 2009, Reinet bought a stake in a private equity fund from Lehman Brothers Holdings Inc., the bankrupt U.S. securities firm.
“I have come to know Bill well,” Rupert said. “He has an exceptional track record.”