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When looking at New York–based JP. Morgan Alternative Asset Management’s balance sheet, the fund-of-funds unit of the global bank, one can hardly tell that a financial crisis occurred. Assets under management have risen by nearly $1 billion annually since 2009 and exceed their pre-crisis peak in 2008, according to Alpha’s Fund of Funds 50 ranking. Some of the firm’s outperformance can be attributed to its opportunistic investing. Following the financial crisis, JPMAAM saw greater client demand for a tail-hedging strategy in the second quarter of 2008 and dedicated credit portfolios after the dislocations…
