FUNDS FLEE MORGAN, GOLDMAN FOR JPMORGAN

Score another one for Jamie Dimon.

The JPMorgan Chase CEO is seeing the coffers of the bank he runs being filled with “billions of dollars a day” coming from hedge funds that have pulled their cash from Morgan Stanley and Goldman Sachs, according to several large hedge-fund managers and other Wall Street sources.

The flood of new business has actually caused a bottleneck at the banking giant, as the prime brokerage unit scrambles to quickly conduct due diligence and credit checks to set up new clients, a source close to the bank said.

Most of JPMorgan’s new clients are being serviced through the old Bear Stearns prime brokerage force, which was a key part of Dimon’s acquisition of the fallen brokerage firm.

A spokesman for JPMorgan confirmed that the bank has seen a significant jump in volume and “they are managing it well.”

He also said the bank is maintaining firm due diligence and credit-review procedures.

Other banks that are taking on new hedge-fund business include Deutsche Bank, BNP Paribas, Credit Suisse and Citigroup.

Morgan Stanley has already lost more than 10 percent of its total hedge-fund assets in its prime brokerage unit this week as clients concerned about the massive drop of the firm’s stock price look for larger, better-capitalized institutions to do business with.

The loss of hedge-fund accounts is unlikely to have a material impact on Morgan Stanley, sources said, and the move could be temporary if the firm’s stock stabilizes.

“Even if there is a 10 percent chance that Morgan Stanley goes the way of Lehman, investors want to know if you have any exposure to them, and you want to be able to answer that you have no exposure,” said one manager of a $4 billion hedge fund.

It’s was unclear how much prime brokerage business Goldman has lost over the past week, but sources said the firm has not experienced the same withdrawals as Morgan Stanley.