JPMorgan Chase & Co. said on Tuesday it will spin off its $13 billion private equity fund, but will keep a similar unit recently acquired in its merger with Bank One Corp.

The spin-off is expected to take some volatility out of the bank’s earnings while decreasing competition between the bank and large customers when making investments.

The number two U.S. bank said its private equity unit, JPMorgan Partners LLC, will become an independent partnership when it completes the investment of its current $6.5 billion Global Fund.

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