The structured credit group led by Mahesh Bulchandani has come up with a variety of innovations this year, including a novel collateralized debt obligation with a foreign exchange hedge linked to the default risk of the CDO. JPMorgan's own-brand version of constant proportion portfolio insurance, known as synthetic portfolio insurance, has also been particularly admired in Asia. Investors said it has separated itself from rivals by its careful selection of managers. The SPI fund JPMorgan launched with Cheyne Capital Management last year (DW, 7/29/05) has remained open because of its continued popularity.
* Barclays Capital * Citigroup
* Deutsche Bank * Lehman Brothers