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JPM AM hard-closes trio’s European equity fund

JPM AM hard-closes trio’s European equity fund

JP Morgan Asset Management has hard-closed the Europe Equity Absolute Alpha fund after a significant increase in assets just two months after flow-stemming measures were put in place.

The company closed the fund to new investors at the start of February.

At this time, the fund, which was launched in December 2013, rose to €620 million in assets over its first 13 months of existence.

According to company data this has since risen to €1.01 billion even following the efforts to restrict investments. The fund was therefore officially closed to all investors as of 29 April.

Part of this increase can be attributed to the decision to merge the JPM Highbridge Statistical Market Neutral fund into the Europe Equity Absolute Alpha fund on April 28. The fund had €63.6 million in assets at the time of the merger.

The Europe Equity Absolute Alpha fund is one of two European equity funds overseen by the team of Citywire A-rated managers Nicholas Horne and Michael Barakos alongside fellow portfolio manager David Allen.

Their larger fund, the JPM Europe Equity Plus fund, was closed to new investors in October 2014 when it reached €3.9 billion in assets under management.

JPM Asset Management opted to add further constraints to the fund at the start of February following a significant rise in additional investments. This saw the level of minimum trade limited to €1 million from existing shareholders only.

According to company data, this fund had €5.8 billion in assets under management as of 30 April 2015.

The JPM Europe Equity Absolute Alpha fund returned 18.4% over the 12 months to the end of March 2015. This is while the average manager in the Alternative Ucits – Long/Short Equity sector returned 5.6% over the same period.

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