Paul Zummo (pictured), co-head and chief investment officer of JP Morgan Alternative Asset Management (JPMAAM), will always be a little skittish about hedge funds. He readily admits to being deeply sceptical of managers that promise attractive returns with little or no risk and encourages analysts at JPMAAM to take a “glass half-empty” approach to evaluating hedge funds.
“We are a very risk-focused group,” he says. “We always start by looking at everything that can go wrong with a manager and
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