JPMorgan Jumps To No. 2 U.S. Hedge Fund Manager For AUM

Sep 30 2006 | 9:05am ET

While other banks have struggled to expand their footholds in alternative investments, JPMorgan Chase has zoomed to near the top of the pile. Riding an 80% jump in assets under management from a year ago, JPMorgan is now the second-largest hedge fund manager in the U.S., behind only Goldman Sachs, according to Absolute Return magazine.

Last year, it ranked 12th; this year, it is one of only three banks (Barclays finished 10th) in the top ten.

Part of JPMorgan’s success is attributed to Highbridge Capital Management, which the bank acquired in 2004 and has seen its assets rise from $7 billion to $12 billion in that time. But the bulk of the growth has been in JPMorgan’s 38 hedge funds, which doubled in size over the last year to $12.6 billion.

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