Mary Erdoes is one of the most under-the-radar, powerful people on Wall Street.Erdoes, the CEO of JPMorgan Asset Management, manages the biggest hedge fund in the world, already grew the bank’s client base by a record 15% a year, and she’s only 42.
She’s also Jamie Dimon’s dad’s boss. When Dimon hired Ted, his father, last fall in November 2009, he put him in the private client services division, under Erdoes.
In a recent interview, Erdoes told eFinancialNews that managing Ted Dimon, “keeps you on your toes.” We doubt Ted Dimon is running over to call his son and tattle on Erdoes for anything, so employing him probably works to her advantage more than anything.
So does this: Erdoes says she works crazy hours (12 hours a day, seven days a week) and Glenn Dubin, who runs JPM’s hedge fund, Highbridge, says she always answers emails.
According to Highbrdige’s Glenn Dubin, “If there were an Olympic event for responding to emails at all hours from around the world, she’d win a gold medal.”
Someone sleeps with their phone in their hand!
- JP Morgan suggests its private clients should take a weighting of 33% in alternatives, twice the average of its rivals.
- During the credit crisis, Highbridge’s assets fell to $17.3bn during the year
- Two funds – multi-strategy and Asia – had to gate. 60 of Highbridge’s 400 staff lost their jobs.
- Erdoes plans to hike technology spending 11% this year, to secure more efficiencies.
- According to Erdoes, “this is the best opportunity for private equity in 25 years.”
- JP Morgan has put together a maritime fund, seeking to buy cheap cargo ships and charter them out for a double-figure yields.
- JPM has raised nearly $900m for an Asian infrastructure fund
- Erdoes likes Latin America. She says, “We are interested in expanding in emerging markets. Particularly Latin America, which has become increasingly wealthy.”
- At present, revenues are two-thirds from the US and one-thirds the rest of the world but Erdoes is focused on the split being much nearer 50/50.
If you want to see who else JPMorgan’s Erdoes works with, check out the 20 hedge fund superstars hidden inside JPMorgan >
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