The firm was founded in 1992, by childhood friends Glenn Dubin and Henry Swieca. The company started with $35 million in capital and is named after the 19th century aqueduct that connects Washington Heights and the Bronx. In 2004, J.P. Morgan Asset Management purchased a 55% interest in the firm. Later, in 2009, J.P. Morgan purchased substantially all remaining shares of the firm.
The company operates offices in New York, London, and Hong Kong. The firm operates as a subsidiary of J.P. Morgan Asset Management.