JPMorgan Chase & Co. (NYSE:  JPM) will spin off its last remaining private equity business, One Equity Partners, as the giant bank continues cutting its exposure to financially risky operations.

One Equity Partners, which manages about $4.5 billion, has produced strong results for JPMorgan over the last 12 years, but banks are under regulatory pressure to distance themselves from hedge funds and private equity units as part of the so-called Volker rule that seeks to put as much space between proprietary trading and risky investments and traditional banking operations.

Cutting the tie with One Equity, which was created in 2001, also reflects efforts by the bank's CEO, Jamie Dimon, to simplify the sprawling global financial powerhouse.