Advisory Business
A. General Description of Advisory Firm
This Brochure relates to the investment advisory services offered by J.P. Morgan
Alternative Asset Management, Inc. (“JPMAAM” or the “Adviser”). JPMAAM is registered
with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser
pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”).
JPMAAM, together with Bear Stearns Asset Management Inc., Campbell Global, LLC,
55I, LLC, Highbridge Capital Management, LLC, J.P. Morgan Investment Management,
Inc., JPMorgan Asset Management (Asia Pacific) Limited, JPMorgan Asset Management
(UK) Limited, JPMorgan Funds Limited, Security Capital Research & Management Inc.,
each an SEC registered investment adviser, various affiliated foreign investment advisers
and the asset management division of JPMorgan Chase Bank, N.A. comprise the Asset
Management ("AM"), business of J.P. Morgan Asset & Wealth Management ("JPMAWM").
J.P. Morgan Asset Management (“JPMAM”) is the marketing name for the AM businesses
of JPMorgan Chase & Co. and its affiliates worldwide (“JPMC”). JPMC is a publicly traded
global financial services firm.
JPMorgan Asset Management Holdings Inc., which is a subsidiary of JPMC, owns all the
common stock of JPMAAM. JPMAAM was incorporated in Delaware on July 2, 1987.
B. Description of Advisory Services
JPMAAM and its "Affiliates" (as defined in Key Terms) in JPMAM provide a broad range
of investment strategies to meet the diverse requirements of their clients' investment
needs.
JPMAAM provides discretionary and non-discretionary investment management services
to institutional and individual investors. JPMAAM acts as investment manager to various
domestic and foreign private pooled investment vehicles as well as investment manager
to foreign registered funds, including, but not limited to, UCITS funds (each, a “Fund”),
and to certain separately managed accounts (each, a “Managed Account”). It also acts
as sub-adviser to certain accounts.
In its capacity as investment manager or sub-adviser, JPMAAM’s principal services
consist of providing investment advice regarding the investment of the assets of each
Fund or Managed Account among professionally selected investment vehicles or
accounts (the “Investment Vehicles”) that are managed by portfolio managers (the
“Portfolio Managers”) which are selected through a due
diligence process. These
Portfolio Managers employ, as a group, a variety of investment techniques and strategies.
JPMAAM also may provide investment advice regarding JPM Affiliated Funds as
described in Item 5E.
To a limited extent, JPMAAM, on behalf of certain Funds and Managed Accounts, makes,
or, with respect to its non-discretionary clients, may recommend direct investments
(“Direct Investments”) in a broad range of securities, markets and instruments other than
through Investment Vehicles, including without limitation, for portfolio hedging and to
temporarily adjust a Fund’s or Managed Account’s overall market exposure.
C. Availability of Customized Services for Individual Clients
JPMAAM typically makes or recommends investments for clients in accordance with
written investment guidelines or other investment specific documentation agreed with
clients for each advisory mandate. Investment services may be tailored for each client’s
specific needs and objectives, including restrictions on investing in certain securities or
types of securities, strategies, industries or regions of the world, and client accounts have
varying business terms, including but not limited to fees charged, investment minimums,
redemption rights, information rights and reporting requirements. JPMAAM has
procedures and controls to monitor compliance with each client’s specific investment
guidelines.
JPMAAM also provides investment advice related to the liquidation of assets of Managed
Accounts in accordance with written guidelines agreed with clients for each liquidation
mandate. Liquidation services may be provided with respect to new or existing client
relationships.
Where JPMAAM is the investment adviser to a Fund, investment objectives, guidelines
and any investment restrictions of the Fund generally are not tailored to the needs of
individual investors in those vehicles, but rather are described in the prospectus or other
relevant offering document for the vehicle.
D. Wrap Fee Programs
J.P. Morgan Alternative Asset Management, Inc.
Not applicable.
E. Assets Under Management
As of December 31, 2023, JPMAAM had assets under management in the amounts set
forth below:
Assets Under Management U.S. Dollar Amount
Assets Managed on a Discretionary Basis $10,845,556,739
Assets Managed on a Non-Discretionary Basis $ 7,955,730,467
Total Assets Under Management $18,801,287,206