JPMorgan’s Erdoes Says It’s Good Time to Weed Out Stock Pickers

  • Industry has grown to 10,007 hedge funds, Erdoes says
  • Manager isn’t worried about outflows from hedge funds

Mary Callahan Erdoes, chief executive officer of JPMorgan Asset Management, said it’s a good time to weed out stock pickers who aren’t the best in the world.

The industry has grown to 10,007 hedge funds, said Erdoes at the CNBC Institutional Investor Delivering Alpha Conference on Tuesday in New York. The CEO said she isn’t worried that there have been three quarters of consistent outflows from hedge funds.

"Capital is shifting," she said.

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