"Lastly, we also continued building two of our newer positions, the largest independent broker-dealer, LPL Financial Holdings Inc., which remains well positioned to win market share in a growing industry as advisors continue shifting to independent broker dealers; and the leading alternative asset manager, Blackstone Inc. (NYSE:BX), which we believe stands to benefit from the continued shift to alternative asset management. Jamie Dimon, JP Morgan's CEO, described how the potential changes in regulatory requirements from banks (such as increasing capital rations to 20%) during the company's most recent earnings could provide an additional boost for alternative asset managers: "This is great news for hedge funds, private equity, private credit, Apollo, Blackstone, and there's dancing in the streets."