J.P. Morgan Asset Management(JPMAM) has expanded its multi-asset fund range with the launch of a macro fund for James Elliot, who took over as head of the division in December.
The JPM Multi-Asset Macro fund targets an absolute return over rolling 12-month periods, and will invest in a broad range of asset classes including equities, bonds, currencies and derivatives, with the flexibility to move 100% into equities.
Sitting in the IMA Absolute Return sector, the fund will utilise the best macro-economic ideas of JPMAM's global multi-asset group.
The vehicle has a minimum initial investment of £1,000 and an annual management charge of 1.5%.
"There is significant demand within the UK for total return funds, as evidenced by the growth in the IMA's absolute return sector in recent years which has seen assets under management grow from around £3.7bn in 2008 to some £27.4bn in 2012," said JPMAM head of UK fund sales Mike Parsons.
Elliot, who will manage the fund alongside Talib Sheikh and Shrenick Shah, took over as lead manager on JPMAM's underperforming £326m Cautious Total Return and £8m Balanced Total Return funds in December as he moved to a new role at the group.
Elliot is now head of JPMAM's global multi-asset group in Europe and Asia, with former CIO Neill Nuttall having moved to a more senior position within the firm.
Having worked for JPMAM across a range of retail funds in the early 2000s, Elliot left the group for a brief stint at hedge fund RAB Capital in 2005.
He then returned to the asset manager in 2006 to spearhead the launch of a behavioural finance fund.
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