JPMorgan said it created the group because mutual funds and hedge funds are increasingly adopting each other’s strategies.
"Challenging market conditions have underscored the importance of partnering with a prime brokerage that can safeguard assets in a separate depository,” said Devon George-Eghdami, managing director and head of the new unit. “Building on our industry-leading prime brokerage and custody businesses, we are expanding our product offering and delivering those shared benefits to clients in a more efficient manner.”
“They’re the best name in the business right now for safety,” Brad Alford, head of