JPMorgan Chase notes that a whopping 63% of active managers are losing against their benchmarks, and just 7 percent are beating by more than 2.5%.

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As for the timing, Michael Feroli of JPMorgan Chase notes that the September data were gathered in the week beginning September 7th, in the days before Lehman failed.

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Morgan Stanley and JPMorgan are hiring brokers for their private client divisions, for example, notes CreditSights analyst David Hendler.

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