JP Morgan Fleming is to launch its first European hedge fund by the end of the year, to be managed ...
JP Morgan Fleming is to launch its first European hedge fund by the end of the year, to be managed by newly-appointed European chief investment officer, Chris Complin.
Complin, along with other members of the European team, are taking over from head of European equities Andrew Spencer, who is leaving the group in December to become CIO of JPMF's US retail operations.
The fund will be part of JPMF's Luxembourg-domiciled Sicav range and joins the firm's Asian and US-based hedge funds.
Complin said the current volatility of equity markets has increased investor demand for absolute return investment products.
'People are less convinced about returns and are worried about market volatility and the timing of putting their money into the market,' he said. 'That area of alternative investments is very appealing to a lot of people.'
The fund will be a long/short, market neutral product, exploiting the firm's ability to predict negative alpha which was previously of little use as JPMF ran long-only funds in Europe.
In addition to his role as CIO, Complin will become lead manager of the bulk of Spencer's funds, including JPMF's £564.8m Premier Equity Growth fund.
Spencer has been responsible for £2.35bn in funds under management across three UK-domiciled and five offshore funds and is the latest high profile manager to move in a period when investors are seeking reassurance.
Complin is currently Spencer's co-manager on the fund, with European fund manager James Elliot joining him as co-manager.
Elliot becomes head of European retail funds following Spencer's departure in December and will take over as lead manager of the £139.9m JPMF Europe fund and the £254.5m JPMF Euroland Equity fund, a Luxembourg Sicav.
Fellow European team member William Meadon will take on Spencer's role as head of European institutional funds.
Spencer said his job is being split between the three due to the expansion in JPMF's European funds under management since he was first appointed.
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