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JPM rolls market neutral fund into €815m Euro equity strategy

JPM rolls market neutral fund into €815m Euro equity strategy

JPM Asset Management has opted to merge away a market neutral strategy by rolling it into the recently soft-closed Europe Equity Absolute Alpha fund, Citywire Global has learned.

The JPM Highbridge Statistical Market Neutral Fund will be formally merged on 28 April, according to company documents.

This Alternative Ucits fund, which was run on mandate by Highbridge Capital Management, was deemed to have become uneconomically viable due to recent redemptions and it being deemed unlikely to attract future assets.

JPM Asset Management informed shareholders of the proposed changed on 13 March and they have until 23 April to buy, switch or redeem shares.

After that date, the strategy will be rolled into the JPM Europe Absolute Alpha fund, which is co-managed by Michael Barakos, David Allen and Nicholas Horne.

This fund was soft-closed to new investors in February 2015 following a run-up in assets between the end of December 2014 and January 2015, which saw it rise from €540.4 million to €620 million.

Existing investors are still able to allocate capital to the fund and, according to JPM data, the fund currently sits at €815.7 million in assets under management.

Meanwhile the Highbridge Statistical Market Neutral fund, which was launched in November 2006, had €63.6 million in assets as at 16 March 2015.

JPM Asset Management declined to comment further on the reasons for the closure.

The JPM Europe Equity Absolute Alpha fund returned 19.4% on a 12 month basis to the end of February 2015. This is while the average manager in the Citywire Alternative Ucits – Long/Short Equity sector returned 4% over the same period.

Meanwhile, on a three-year absolute return basis, the JPM Highbridge Statistical Market Neutral fund returned 1.47% against an average manager return in the Alternative Ucits – Market Neutral sector of 3.45% over the same period.

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