JPM absolute fund looks for IFA traction

14 July 2011 | By Chris Salih, Joanne Ellul

JP Morgan Asset Management has launched a global equity absolute alpha fund as its first global equities long/short Oeic in the absolute return sector.

The global Ucits III long/ short fund will be managed by Gary Clarke and will look to beat the Libor one-month index by 3 to 5 per cent over a 12-month period.

Annual management charge is 1.25 per cent, with a 10 per cent performance fee. The fund will sit in the absolute return sector. JPM launched the Highbridge statistical market-neutral Oeic into the absolute return sector last year.

Head of UK retail sales Jasper Berens says: “I think the media coverage of absolute return funds has been incorrect and that they will have a big future within people’s portfolios. We think it will continue to grow and that a product of this ilk will gain traction in the IFA market.”

Chelsea Financial Services managing director Darius McDermott says: “JPM has already done well with its Highbridge suite of funds and this launch makes sense in terms of broadening its offering in the absolute return sector.”

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