Thursday, 18 December 2014
Last updated 23 min 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.