Apollo and JPM mulling absolute return fund launches
Apollo and JP Morgan are mulling fund launches in the absolute return sector.
Apollo does not currently offer an absolute return and JP Morgan has one such fund.
Apollo partner Tom McGrath says: “Absolute return funds are a bit lower risk than our cautious and balanced funds.” However, he intends to wait for the IMA’s overhaul of the sector definitions before launching a fund.
McGrath says: “The absolute return sector as it stands is too broad. It needs a revamp and we are not going to rush into a sector that will be reconfigured at some stage.”
JP Morgan head of UK retail sales Jasper Berens (pictured) says: “The launch of more absolute return funds is something we are looking at. Absolute return does what it says on the tin.”
Quainton Hills Financial Planning director Gordon Bowden says: “There will be more absolute return launches but I do not recommend these funds as the mandate is too loose.”