J.P. Morgan is getting out of the life settlement market, a person familiar with the company said.

The person told The Life Settlements Wire that J.P. Morgan expects to wind down its operation over the next few months.

J.P. Morgan is the second major investment bank to exit the market in recent months. Goldman Sachs said it was leaving the market in January, disappointed in its lack of growth.

J.P. Morgan had entered the business around 2007. It had a smaller operation than its competitors, employing fewer than 10 people in its life finance business, the person familiar with the company said.

Rob Finfer, chief executive of Bethesda, Md.-based life settlement broker Integrity Capital Partners said he hasn’t seen J.P. Morgan purchasing policies for at least a year.

Source: Life Settlement Wire