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当摩根大通同意合并禁令k One Corp. in 2004, Jes Staley, head of the former’s asset management arm, got a friendly warning about his new boss, Jamie Dimon, from a longtime colleague of Dimon’s. Staley had championed a closed-architecture strategy at JPMorgan Chase’s private bank, whereby the bank offered wealthy clients only its own in-house investment products. But Dimon, the Bank One CEO who would soon take the top job at JPMorgan Chase as part of the merger, had long advocated that banks adopt an open approach and offer clients a variety of products, including funds developed and managed by other firms. He had clashed over the issue with Sanford Weill’s daughter, Jessica Bibliowicz, when she was Dimon’s subordinate running Smith Barney & Co.’s mutual funds in the 1990s, a dispute that some insiders believe led her to leave the firm.

“他现在是你的老板，”Staley回忆起同事警告他。“你可能想要重新思考你的观点。”

Staley did no such thing. Instead, the veteran banker stuck to his guns, arguing with — and eventually persuading — Dimon that his closed approach was the right way to go because it underscored the need for the bank’s fund managers to deliver strong performance. He also managed to win Dimon over to the idea of buying a hedge fund, Highbridge Capital Management, something the CEO had strongly opposed. “Jes was a breath of fresh air,” Dimon tells Institutional Investor, referring to the debate over closed architecture. “He said from the start, ‘We have to perform for the client.’”

Sticking with his convictions has been a winning formula for Staley, and for JPMorgan Chase. Since taking the helm as CEO of J.P. Morgan Asset Management in 2001, Staley has strengthened its status as one of the biggest and most diversified investment outfits in the world. The division manages $1.1 trillion in assets, including everything from mutual funds for the masses to private banking for the well-heeled to hedge funds and private equity for institutional investors. (It also supervises an additional $363 billion in custodial and brokerage accounts.) The business ranks in sixth place on the II300, Institutional Investor’s exclusive survey of the largest U.S. money managers, behind Barclays Global Investors, State Street Global Advisors, Capital Group Cos., Fidelity Investments and BlackRock.

Although many big fund managers were buffeted by market turmoil last year, J.P. Morgan had net investment inflows of $151 billion, attracted in no small part by the bank’s apparent solidity at a time when many rivals were sinking under the weight of toxic assets. The division’s private banking arm alone, which supervises $378 billion in assets, pulled in $80 billion in new money last year.

Staley runs a well-oiled operation too. Although the division’s pretax profits declined 30 percent last year, to $2.2 billion, reflecting lower asset values and reduced performance fees on hedge funds and private equity, most rivals suffered even bigger declines: 62 percent at Credit Suisse, 48 percent at BlackRock, 44 percent at UBS and 43 percent at Citigroup. J.P. Morgan’s pretax profit margin of 29 percent in 2008 compared favorably with those of Northern Trust Corp. (26 percent), BlackRock (23 percent), UBS (22 percent) and Citigroup (14 percent). Asset management generated $1.36 billion in net income last year, or 24 percent of the bank’s overall earnings.

“He moved J.P. Morgan forward from being lethargic and in flux under former leaders to re-creating an organization of confidence and stature,” notes John Casey, chairman of Darien, Connecticut–based research firm Casey, Quirk & Associates.

不仅已经努力恢复了J.P. Morgan的光泽，他在许多大银行都是Bundling资产管理或完全摆脱业务的时候所做的那样。瑞银，可以说是J.P. Morgan最接近的同行，由于副经团的表现以及由银行大规模次级损失造成的声誉损害以及其承认在帮助富裕的美国人通过瑞士银行账户逃避税收的声誉损害。瑞银从私人银行业军方遭受资产超过1,430亿美元（1140亿美元）的资产，并从去年的机构资产管理单位进一步为SF103亿。Barclays，上个月，旨在加强其资本，将其有利可图的交易所交易的资金业务销售给私募股权房屋CVC资本集团，为44亿美元。France’s Société Générale spun off its $235 billion-in-assets long-only fund management business into a joint venture with rival Crédit Agricole, and Credit Suisse sold its conventional non-Swiss money management business, with $67 billion in assets, to London-based Aberdeen Asset Management. Citigroup got out of the institutional money management business altogether in 2005, when it exchanged its fund arm for Legg Mason Global Asset Management’s brokerage group.

But far from retrenching during the worst market since the Great Depression, Staley, with Dimon’s firm backing, is determined to keep growing. He wants the asset management division to generate a consistent 20 percent of the bank’s overall profits, or roughly double its contribution before 2008, when the financial crisis depressed earnings at JPMorgan Chase’s investment banking and commercial banking divisions. He insists that money management belongs firmly at the center of a big global bank and can be run profitably for the benefit of customers and shareholders alike.

“我们希望成为资产管理中最受尊敬的公司之一，”斯莱利在最近的一次面试中告诉II。“如果我们向客户提供强大的风险调整回报，它会强调银行的两个核心价值主张：信任和金融敏锐。”

J.P. Morgan certainly has a hot hand in asset management, as in most other areas of Dimon’s swaggering empire, but Staley must overcome a number of challenges to fulfill his ambitions. Although the bank enjoyed heavy inflows in 2008, most of them went into money market and other liquid funds. With inflows of $210 billion last year, the asset management unit became the second-largest U.S. provider of money funds, totaling $617 billion at the end of March, more than half of the overall group’s funds under management. Such assets aren’t necessarily sticky, though, as demonstrated by last year’s crisis, triggered when the failure of Lehman Brothers Holdings caused some money funds to drop below their $1.00 par value. “That’s an extraordinarily profitable business, but it’s our biggest risk and our biggest opportunity,” Staley says.

J.P.摩根在替代品中遭受了显着的损失，该领域已经成为他最大的标记。高桥在去年的37.8％达到了37.8亿美元，达到了173亿美元，超过了对冲基金100美元的24％，世界上最大的对冲基金的年度列表由机构投资者的阿尔法杂志（见第82页）。亚博赞助欧冠这一拒绝将J.P.摩根资产管理推动了一个地方，第二，在桥梁伙伴背后的排名中。总体而言，Staley的部门从替代，平衡和股权基金中看到了470亿美元的流出。

The executive also needs to turn around the lagging performance of fixed-income portfolios, a segment that accounts for $171 billion of assets under management. In September, Staley dismissed Mike Pecoraro as CIO of the New York– and London-based fixed-income team, which runs nearly half the group’s bond funds, and replaced him with Robert Michele, who had been global head of fixed income at Schroder Investment Management in London. It will take time, though, to improve a business that had only 43 percent of its U.S. assets ranked in the top two quartiles by performance last year, according to fund data provider Lipper. Equities, which accounted for $180 billion in assets, have performed better, with 75 percent of U.S. equity assets in the top two quartiles last year.

“Jes进来了，转向表现并获得资产再次流动，”麦当劳桑福德C.伯恩斯坦＆Co.的分析师John McDonald说，但麦当劳表示，Staley将不得不“以更快的业务竞争，更加竞争零售，虽然现在在压力下，将抢回。他仍然需要与银行所有资产管理人员不在最前沿的看法。“

Staley acknowledges the difficulties posed by today’s market volatility. “Over the past year the markets have been in cardiac arrest — every relationship and every assumption I have about how stocks and bonds move in relation to each other has become irrelevant,” he explains. “My challenge is how to deal with that and still manage money well.”

金融动荡可能会改变市场关系，但它并没有震撼斯莱耶对营业投资业务的方式的信念。他基于吸引 - 和留住 - 顶级人才的任期，开发最广泛的投资产品，以提供客户，并在其投资组合管理人员中灌输绩效文化。亚慱体育app怎么下载

Most of Staley’s key colleagues have worked with him for years. They include Paul Bateman, former chairman of Robert Fleming Asset Management, the international fund group that JPMorgan acquired in its 2000 merger with Chase Manhattan Corp., who is now chairman of J.P. Morgan Asset Management; CFO David Brigstocke and fixed-income chief Seth Bernstein, both of whom Staley brought with him from the investment bank; Larry Unrein, head of the private equity and hedge fund groups, whom Staley appointed to oversee the integration of Bear Stearns Cos.’ $20 billion asset management unit last year; and Eve Guernsey, a 32-year J.P. Morgan veteran who heads the asset management business in the Americas.

Staley believes that the loyalty of a close cadre of executives is crucial to the success of the business. “Most of Jamie’s direct reports have been with him for over a decade, and they can complete each other’s sentences,” he says of Dimon. “When I put the team together in 2001, we said we have to turn this business around and we’re all going to get into this foxhole together.”

Loyalty extends down into the ranks. Turnover among portfolio managers is 6 percent a year, compared with an industry average of about 20 percent. “You can’t deliver consistent investment results if you have turnover of your portfolio managers,” Staley notes. “The people at Wellington don’t leave Wellington. To compete against the Wellingtons of the world, we have to engender a culture that keeps people in their seats.” Guernsey echoes the point: “If you don’t have people and teams with longevity, you don’t have track records. It’s that simple.”

J.P. Morgan的超市方法 - 向机构产品和替代方案提供来自共同资金的一切 - 以及与其他更广泛集团的其他单位的交叉销售，也是致奇迹。大约70％的货币市场资产来自银行的其他部门;去年投资银行向私人银行部门的460名客户推出了100多名新客户，并在新资产中接近30亿美元。

德克萨斯州教师退休系统于2008年授予J.P.摩根资产管理的10亿美元任务是。它希望一家公司提供广泛的产品，养老基金的Cio表示，这是一家提供广泛的产品。“世界上有多少组织可以提供全方位的资产类别，公共和私人，并且可以提供交易资源，专有研究和银行最好的思维？”

James E.（Jes）Staley于1956年出生于波士顿，其中四名儿童之一常常遵循他们的父亲Paul，Paul＆Gamble Co.的植物经理，后来成为PQ公司的首席执行官，这是一种基于化学品业务在费城之外。Jes Staley在波士顿度过了他的高中岁月，然后去了缅因州布伦瑞克的Bowdoin学院。在1979年获得经济学学士学位后，他加入了纽约的JPMORANG的商业银行培训计划。一年后，他搬到了巴西，帮助摩根，然后在美国的玻璃 - 静止行动制约下运作，设立了第一个投资银行业务，这是全球商业的实验室，该银行将稍后发展。巴西为斯莱利的生活以及他的职业生涯以及他的职业生涯：在他到达的几天内，他遇到了他未来的妻子黛比。

While working in Brazil in 1985, Staley received a shock from back home when he learned that his younger brother, Peter, whom he had helped get a job in Morgan’s training program in 1983, was gay and had been diagnosed with AIDS-related complex — at the time a perceived death sentence. Peter would later help found Act Up, a New York–based AIDS activist group, and serve as a member of president Bill Clinton’s National Task Force on AIDS Drug Development. Jes Staley describes Peter as “his hero” for his leadership within the gay community in fighting for access to AIDS drugs. The experience also made Staley challenge the homophobic atmosphere that pervaded much of Wall Street at the time. He has worked to create an environment at J.P. Morgan that is welcoming to gays and lesbians, women and minorities, considering it both morally right and good for business. “I don’t think there is anything more effective in retaining talent than embracing diversity,” Staley asserts.

他于1989年回到纽约，因为银行开始建立证券业务。那一年自1933年以来成为第一家商业银行，以承保公司债券问题。在花两个月和专家们谈话后，斯莱蒂负责新的敞篷车业务，并刷新期权和可转换债券。Dimon表示Staley能够认识到他不知道的东西，并转向同事的指导是他成功的关键。

Staley继续推出银行股票业务，到1999年正在运行股权资本市场。晚些时候，那一年后，Ceo Sandy Warner让他能够管理集团的私人银行部门。The white-shoe unit had been the crown jewel of Morgan’s business for decades after the Great Depression, when wealthy investors sought the perceived security of a conservative and storied bank, but the business lost ground to competitors, mutual funds and hedge funds during the bull market of the 1980s and ’90s.

In 2000, Chase Manhattan Bank acquired JPMorgan, and Staley co-managed the group’s enlarged private bank with his Chase counterpart, Maria Elena Lagomasino. There was no small amount of postmerger tension, and the two executives clashed over strategy, with Lagomasino advocating open architecture and Staley already a fervent believer in proprietary products. “What you had was a private bank at war with itself,” recalls fixed-income boss Bernstein. Staley emerged on top, and in 2001 then-CEO William Harrison Jr. named him chief executive of the bank’s entire asset management division.

The business struggled in the wake of the collapse of the technology stock bubble: By the end of 2002, it had lost 20 percent of its institutional assets and contributed little to group profits. “We were not significant to the bank as a whole,” notes CFO Brigstocke.

行业朝着开放式体系结构,with banks opening their platforms to third-party products, but Staley embraced a closed approach and linked the private bank more tightly to the asset management business. “Open architecture is an admission that you can’t manage money well,” he says. He established a portfolio construction team to design common strategies for all private bank clients — a first in the industry — rather than leaving investment decisions up to individual advisers. He also tapped Michael Cembalest, who had been head of fixed income, as the private bank’s first CIO.

The centralized approach has proved its worth during the financial meltdown, with clients saying that J.P. Morgan protected them from much of the market’s downdraft. Seventy-five percent of customer assets beat their benchmarks in 2008, clients tell II, though that means that many still lost money. Inflows into the private bank have been surging. “Before Jes the private bank never seemed to have the reach, the scale or the investment acumen that it needed,” says Mary Callahan Erdoes, head of global wealth management.

一旦他有私人银行哼唱，斯莱利将注意力转向替代品。J.P. Morgan在蓬勃发展的对冲基金空间中缺乏一个值得注意的存在，而Staley认为客户愿意支付银行支持的基金的重返回报。他于2003年底开始与Highbridge交谈。次年，银行合并后几周，Staley为他的新老板，Dimon安排，与Highbridge的创始人，Glenn Dubin和Henry Swieca相遇。尽管他最初怀疑，但迪蒙告诉斯莱利，如果银行要买对冲基金，那么大桥就是因为创始人不是坚定的明星力量。“He didn’t just bring a hedge fund to me,” Dimon tells II, “he brought one that was well diversified, had excellent results and whose founders were willing to do a deal that kept them on and paid them more the better they did.” Dubin describes a similar meeting of minds. “Dimon appreciated that from day one our goal was to create an institutionalized hedge fund business,” he says. Under the $1 billion deal, the bank took a majority stake initially and will gain complete control in 2011.

早期,Staley尝试的波动getting into with Highbridge. The convertible bond market collapsed early in 2005, and Highbridge lost money for four consecutive months, the first time in its history it had done so. But convertibles recovered, and 2005 turned out to be one of the firm’s best years.

2008年，同样的目的是，像对冲基金行业一样，利用了去年的金融市场骚乱鞭打，特别是雷曼兄弟在九月失败后夺取信贷市场。截至年底，该公司的旗舰MultiSrategy基金下降了27％，超过了基准HFRI指数的19％下降;随着投资者争先恐后地兑换资金，该公司的资产每年下降了32％。J.P.摩根资产管理的替代方案中的资产下降了200亿美元，或20％，2008年。

These losses haven’t shaken Staley’s faith in Highbridge or in alternatives generally. He contends that the losses reflected the extraordinary nature of the market meltdown rather than any fundamental problem at Highbridge, and he notes that performance has bounced back smartly this year. The multistrategy fund was up 9.75 percent in the first quarter, and outperformed the Standard & Poor’s 500 index by 10 percentage points between January 2005 and the end of February. With $1.5 billion in new inflows and valuation gains, Highbridge’s assets rebounded to $21 billion at the end of last month.

“当投资绩效受到影响时，你需要避免的本能，”我得修复它“，”斯莱利说。“你的本能是，”我的投资组合经理是在做他们所知道的尽可能地做的事情吗？“然后你需要支持他们继续这样做。”

Many of Highbridge’s withdrawals last year came from funds of hedge funds, a volatile client base that the firm is no longer courting. Many remaining investors like the stability the bank provides to the firm, which was the key rationale behind the acquisition. “It was a comfort during this last year to have J.P. Morgan behind Highbridge,” says Haim Saban, the chairman of Spanish-language media conglomerate Univision who is a private client of J.P. Morgan and an investor in Highbridge.

“摩根 - 高桥交易是”在获取对冲基金时成功的海报儿童，“投资银行杰基耶特南·洛姆·洛厄姆的董事总经理Aaron Dorr说。“它有助于大桥筹集资产，同时在治理和自治方面保持更轻的触感。”虽然Highbridge去年举行了殴打，但当J.P. Morgan购买该公司时，其210亿美元的资产上涨了70亿美元。迪蒙的支持并没有动摇。今年的银行投资了2.25亿美元的高桥，所以对冲基金公司可以推出一家新的股票课程，一个两年的锁链，这一举动可以让山地在摇摇欲坠的市场中坐着紧张。“我们将为银行获得良好的回报，同时，它为基金提供了更大的稳定性，”Dimon说。

尽管有了脑风，但高桥一直成功了斯莱利。这笔交易帮助J.P.摩根资产管理诱使投资者到桌面上，并证明该公司严重管理资金。Brigstocke表示，银行将采取多年来自己构建这些能力。Highbridge也有益于这笔交易，因为投资者被Bernard Madoff欺诈等丑闻所震撼，通过在对冲基金后面拥有一个大银行立场来安慰。“我们能够在他们想要之前给客户提供他们想要的东西，”Brigstocke解释道。

Elsewhere, alternatives chief Unrein is looking to step up J.P. Morgan’s private equity investment, an area the bank largely pulled back from at the peak of the market in 2006 and 2007. J.P. Morgan raised $4.5 billion for private equity funds of funds in 2008, one of the worst years ever for the industry. Unrein, who started the bank’s private equity business in 1997 and ran the same business for AT&T Investment Management Corp. in the 1980s, believes that the big stock market declines of the past two years have created numerous opportunities, particularly in secondary buyouts. “If we look back five years from now, and we didn’t generate some of the best performance ever, I’d be disappointed,” he says.

虽然虽然去年的结果较差，但斯莱利保持了高桥的信念，但他已经搬迁了他表现不佳的固定收入团队。该团队的核心债券战略，其最大的机构发言具有群集，在过去三年中大部分地区的同行的底部四分位数。基于纽约的团队严重接触到结构性信贷和不良抵押贷款，而不是公司信贷。“高级团队没有看到在美国抵押贷款市场压倒美国的海啸，”固定收入伯尔尼斯坦表示。

新的Cio Michele带来了两位代表，Steven Lear和Lisa Coleman，他来自Schroder。STALEY还增加了来自BEAR Stearns的五个高级信贷分析师，即使他于11月宣布了近10％的固定收入团队的裁员。

除了他对私人银行和替代方案的长期关注之外，Staley还希望在市场零售结束时制作J.P. Morgan是一个更大的球员。该司管理7050亿美元的共同基金资产，但完全80％在货币市场基金中。J.P. Morgan通过前弗莱明基金业务拥有强大的欧洲和亚洲的业务，但它在美国，在美国，在股票和债券基金提供商中排名第16位，资产700亿美元。Staley aims to grow the business by strengthening distribution — he’s happy to take advantage of other institutions’ open systems, selling J.P. Morgan funds through Morgan Stanley & Co., Prudential Financial and Banco Santander — and expanding the bank’s retirement platform, which offers J.P. Morgan and other funds to defined-contribution-plan sponsors.

Early returns on those efforts are promising. JP Morgan Funds ranked fourth among U.S. fund companies by asset inflows in the first quarter, reaping $2 billion in new money, according to Lipper.

That’s a modest start, and market volatility may well provide some upsets. But Staley hasn’t gotten where he is today by doubting his convictions. “You need to stay true to your investment processes through a crisis like this,” he insists.