JPMorgan Chase is winding down a $600m-plus private equity fund run by former Citigroup executives Robert Willumstad and Marjorie Magner in a sign the crisis is forcing banks to be more conservative with their capital.

However, the likely closure of Brysam Global Partners – which was launched in 2007 with funds from JPMorgan and its founders and a remit to invest in banks in emerging markets – will not end the two executives’ decades-long careers in financial services.