JPMorgan Asset Management has become the largest hedge fund manager in the world.
Its hedge fund haul is nearly $42 billion (Ђ30 billion), including Highbridge Capital Management, pushing Goldman Sachs into second place. Including traditional funds, JPMorgan is the sixth-largest manager in the world with $1.1 trillion.
Jes Staley, head of wealth and asset management, said sales growth for alternative products had averaged 28 percent a year since 2003: “We hope to keep that pace, if not accelerate it.” In the second quarter, growth was 38 percent against the year before.
A Highbridge statistical arbitrage product has raised an astonishing $10 billion from retail investors. Warming to a convergence theme which is likely to nurture his bottom line further, Staley said he wanted his long-only managers to develop 130/30 hedge fund-lite products.