Tuesday's Headlines: JPMorgan's Prop Unit To Receive $2 Billion in Seed Funding

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JPMorgan is proceeding with plans to move its prop trading unit into its asset management business and infuse it with $2 billion in capital. [Financial News]

UBS Wealth Management hired Alexander S. Friedman as chief investment officer and expanded his team. [On Wall Street]

SAC Capital's private equity unit is set for a spin-off into a debut fund focused on technology, telecommunications and healthcare investments. [Finalternatives]

Corporate boardrooms are becoming grayer, as many directors push back retirement. [WSJ]

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