Bear Stearns private-equity unit, Bear Stearns Merchant Banking, is expected to announce that it will be spun off into an independent company with JPMorgan Chase as its largest investor.

JPMorgan will assume around $1 billion of BSMB's "investments and commitments." BSMB manages around $5 billion.

Sadly, it looks like they are planning to drop the name Bear Stearns, even though they aren't sure what to call themselves.

"Almost every rock, tree, and Greek god has been taken," said BSMB partner Douglas Korn.

Bear Buyout Arm Ready to Fly Solo [Wall Street Journal]