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Private equity, hedge fund stocks to outperform?

Pedestrians walk outside an E*Trade Financial office in New York.
Daniel Acker | Bloomberg | Getty Images
Pedestrians walk outside an E*Trade Financial office in New York.

Major investment banks and money center banks are not the best way to play Wall Street's major actors six years into a bull market, according to JMP Securities.

Instead, go with hedge funds, private equity firms and boutique shops. Also, one retail broker will have particularly strong earnings this year, according to the research firm.

In a sector report on Monday, JMP highlighted alternative asset management firms Fortress Investment and KKR for their undervalued performance last year.