JPMorgan Chase

(JPM) - Get Report

plans to shut down the hedge fund business and private-equity division of its principal investment management group, a report says.

The bank will keep a team that focuses on Asia,

Bloomberg

reports, citing two people familiar with the plan.

Bob Case, the head of principal investments, may be given another post, according to the report. Case joined JPMorgan in 2007 from

Citigroup

(C) - Get Report

, where he was chief administrative officer of a unit that ran hedge funds.

Most of the group's 150 employees will move to other parts of the firm,

Bloomberg

reports.