Equity fees sweeten the deals


As the dust settles on JPMorgan's purchase of a controlling stake in Highbridge, and as attention switches to Lehman Brothers and GLG, it is becoming clear that there is more to the decision by big investment banks to buy into hedge funds than meets the eye. The obvious attraction for banks is the chance to offer their clients quality hedge fund products that they would struggle to build internally.

However, the big banks may be less willing to admit that another factor drawing them into hedge fund purchases is the desire to boost their fee