The Hudson river analogy

Staring out of the window of IFC Tower One into the bright blue Hong Kong harbour, David Kelso says it makes a pleasant change from the snow of New York. The general manager of JPMorgan Private Bank's Private Investments team does however add that the recent freezing over of the Hudson river has given him a good analogy for the current state of the private equity world. "Frozen on top, with not much apparently going on - but a lot going on below the surface," says the former deputy d…