Mary Callahan Erdoes, chief executive of JP Morgan Asset Management, may be the most powerful woman in her business, supervising $1.7 trillion (€1.3 trillion) of assets, but she faces a challenge that is probably unique in the funds world. The father of her boss works for her.

Erdoes, who runs a division that incorporates both wealth advice and managed assets, including the biggest hedge fund business in the world, reports to Jamie Dimon, JP Morgan's chief executive. Dimon's father, Ted, is a member of her wealth team, working on the 2nd floor of a building opposite her New York headquarters on Park Avenue.