Monday, 20 October 2014
Last updated 2 hours ago
Oct 16 2008 | 2:38am ET
JPMorgan Chase has responded to the Wall Street disaster by billing itself as one of the largest and most stable banks in the country. So far, it seems, that promise is resonating with hedge fund managers.
The New York firm has seen its prime brokerage assets rise by about a quarter over the last few months, CEO Jamie Dimon told reporters, helping almost triple the firm’s investment-banking profit.
Dimon credited the increase both to returning Bear Stearns prime brokerage customers—JPMorgan purchased the collapsed bank this summer—and to other hedge funds fleeing Goldman Sachs, Lehman Brothers and Morgan Stanley as the investment banking industry went into a tailspin.
Dimon said his firm expected its prime brokerage fees to reach $600 million to $750 million by next year, although he declined to disclose the unit’s assets.
Bear Stearns’ prime brokerage, which saw as much as 40% of client assets disappear prior to its collapse, took in $1.2 billion in revenue last year.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...