JPMorgan Chase & Co. has tapped Irene Tse, a former managing director and portfolio manager from Duquesne Capital Management, to effectively replace the retiring Althea Duersten.
In addition to her new North American CIO role, the global financial services firm with more approximately $2.1 trillion said today that Tse will also join the company’s Executive Committee. The 17-year veteran will report directly to CIO Ina Drew.
During her time as CIO, North America, Duersten has been able to build a “premier investing and hedging platform” through “multiple merger integrations.” She plans to retire later this year after spending 16 years with the company, the Thursday statement said.
In today’s comments, Drew stated that she was “thrilled” that the company was “bringing aboard such a major talent as Irene.” However, she also paid homage to Duersten and her “legacy of her leadership.”
Previously, during her three years at Duquesne Capital Management, Tse focused on global macro investing. She also worked closely with hedge fund firm founder Stanley Druckenmiller, where she honed in on “rates, mortgage, credit, foreign exchange, equity, commodity and structured product offerings,” the Jan. 27 announcement said.
In August, The Wall Street Journal’s “Deal Journal” obtained a letter sent by Druckenmiller to clients that stated he was closing the 30-year-old firm. Reasons, according to the manger, stem from the “high emotional toll” of the “stress of performing in a way” that he considered to be disappointing.
Additionally, prior to her stint at Druckenmiller’s firm, the Thursday press release notes that Tse was a partner and co-head of U.S. rates at Goldman Sachs. She was also a member of the U.S. Treasury Department’s Treasury Borrowing Advisory Committee.