By Stephen Taub
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Rob Baynard, Jeremy Geller and Justin Nelson: Sometimes their assets are disjointed (Photographs by Jennifer Altman) |
Willie Sutton may have robbed banks because that’s where the money is, but these days, some of the largest vaults are held by individual hedge fund managers. Many of them are billionaires who regularly earn nine figures in a single year from gains on the substantial capital in their funds.
Small wonder that J.P. Morgan’s private banking experts have been courting them for almost a decade. Even though managers keep a big portion of their net worth invested in their funds, a small portion is not. It is this stash that J.P. Morgan private banking specialist Rob Baynard had his eyes trained on when he returned to New York City in 2002 and launched a specialized unit aimed squarely at hedge fund principals.
“We had...