A team of top proprietary traders at JPMorgan Chase & Co is set to launch what is likely to be one of the largest hedge fund start-ups in 2012, the Financial Times reported on Sunday.

London-based Mike Stewart, JPMorgan's global head of proprietary trading and former head of emerging markets, is expected to start his own hedge fund, Whard Stewart, in the second quarter, the FT cited people familiar with his plans as saying.

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