Alternative investments are a new awards category in Euromoney’s private banking pantheon – and one area of banking that has become impossible to ignore.
The alternatives landscape is, as the winner JPMorgan Private Bank notes in its pitch document, “expansive”, encompassing an array of asset classes, styles and frameworks. With more than 18,000 private investment funds and 9,000 hedge funds available, there is plenty for private banks and wealthy clients to choose from.
Often, the question for banks is what products you leave out of your portfolio, rather than what you include. JPMorgan’s approach, the bank says, focuses on: “transparency, personalised support and cutting-edge technology, to deliver an exceptional client experience.” Over the last three years, JPMorgan has also bolstered its global alternatives team with more than 100 new hires.
Under the leadership of head of JPMorgan Asset Management global alternative solutions Anton Pil and JPMorgan Private Bank global head of alternative investments Kristin Kallergis Rowland, the Wall Street firm is a powerhouse in the alternatives space. Boosted by its 2023 acquisition of First Republic and with $318 billion in client assets under management, the JPMorgan alternative investments group is well positioned to deliver unparalleled long-term value to clients. One of our awards judges pointed to the acquisition as one that “added innovation to the asset class” for JPMorgan.
A period of strategic restructuring has honed and expanded its alternatives platform. A move to create a fully integrated platform ensures it now serves wealthy clients across a range of alternative assets – enabling JPMorgan Private Bank to leverage deep industry relationships while boosting efficiency and offering a broader of range of investment options and opportunities to private clients, endowments, institutions and foundations. This enables it to provide clients with a frictionless experience across real estate, private equity, private credit, direct investments, hedge funds and integrated evergreen funds.
JPMorgan also manages distribution and capital calls internally, streamlining the process. Due diligence and fund selection teams within the asset management and private banking businesses offer the wealthiest individual and institutional clients unique access to co-investment opportunities and partnerships with major private equity firms and hedge funds.
JPMorgan’s enduring investment in global technology and innovation – the US lender was also named the world’s best for digital solutions this year – enables it to deliver advanced analytics, real-time reporting and personalised insights to clients. Proprietary tools allow seamless portfolio management and risk assessment, helping to ensure clients have all the context they need to make informed investment decisions.
Tailored service and support are the order of the day. A dedicated client-support team provides personalised assistance and guidance. Each client is covered by an alternative investments specialist who understands their unique needs and objectives. It also provides clients with a wealth of educational resources and insights delivered via Webinars, seminars and exclusive events, which keeps clients abreast of the latest market trends, investment opportunities and emerging opportunities in the alternatives space.
Constant two-way communication lies at the heart of its offering. Regular updates, market commentary and performance reviews are dispensed to clients to ensure they are always aware of their portfolio performance, fostering transparency and trust. In turn, JPMorgan elicits active input from clients, to constantly refine and enhance its offering.
Judges lauded its wide range of products, strong growth over the past two years, and ability to offer clients best-in-class investment solutions
What matters above all is performance. In 2023, JPMorgan Private Bank’s alternatives portfolio outperformed industry benchmarks, according to the bank’s pitch. For closed-ended funds, the bank offers advanced cash flow forecasting and portfolio pacing – tools that provide clients with insight into future cashflow and investment pacing.
It also launched a secondary platform that offers liquidity solutions for clients’ alternative positions, enabling them to buy and sell private-market assets and offering greater flexibility and access to liquidity. The firm’s reporting dashboard works to streamline engagement, while also providing constant two-way updates for clients, specialists and advisers.
Writing in support of JPMorgan Private Bank as the winner of this global award, our external panel of judges lauded its wide range of products, strong growth over the past two years, and ability to offer clients best-in-class investment solutions. One senior banker assessed it as: “Extremely comprehensive global alternatives offering and set-up.”
Kallergis Rowland says: “Our approach to alternative investments is rooted in a deep understanding of our clients’ unique needs and objectives. By integrating our wealth management expertise with cutting-edge technology and innovative strategies, we offer clients a comprehensive platform that delivers exceptional value.
“The strategic transformation of our alternative investment offering has allowed us to create a seamless experience for our clients, providing them with access to a more complete range of opportunities across private equity, real assets, private credit, and hedge funds.
“Innovation and client-centric service are at the core of our strategy. By continuously enhancing our product offerings and integrating advanced technology, we empower our clients with the tools and insights they need to make informed investment decisions.”