Citywire Selector - For Professional Investors

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

JPM to shut senior quartet’s fund as assets slump

JPM to shut senior quartet’s fund as assets slump

JP Morgan Asset Management will close a multi-asset fund overseen by four of its most senior mixed asset investors after it dropped below the firm’s liquidity threshold, Citywire Selector has learned.

In a shareholder note, JPM AM said the JPM Global Allocation fund had slipped below the $30 million lower limit it uses for funds.

Overseeing the fund are Talib Sheikh and James Elliot, who co-run the giant JPM Global Macro Opportunities fund with Shrenick Shah. This is as well as Jeffrey Geller, who is CIO of multi-asset solutions, and portfolio manager Jonathan Cummings.

In a statement to Citywire Selector, a spokesperson for JPM AM confirmed that the fund would close on July 17 after falling to €28.2 million in assets, which is roughly $31 million but future withdrawals will drop it below the limit.

The spokesperson said: ‘It was felt that it would be in the best interests of shareholders to liquidate the fund given limited growth in assets under management since inception in September 2013.

‘[Also the] limited prospects for attracting new subscriptions and forthcoming redemptions expected to bring assets under management below the $30 million liquidation threshold outlined in the prospectus.’

This marks the second closure for the quartet, with the OEIC-version of the same strategy having been closed after a similar slump in assets earlier this year.

On a three-year basis, the JPM Global Allocation fund returned 14.1% in euro terms to the end of May 2017. This compares to a sector average 9.6% from the Mixed Asset – Flexible sector.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Jeffrey Geller
Jeffrey Geller
82/198 in Mixed Assets - Flexible USD (Performance over 3 years) Average Total Return: 15.32%
Jonathan Cummings
Jonathan Cummings
12/73 in Mixed Assets - Flexible GBP (Performance over 3 years) Average Total Return: 37.70%
James Elliot
James Elliot
125/528 in Mixed Assets - Balanced EUR (Performance over 1 year) Average Total Return: 8.84%
Talib Sheikh
Talib Sheikh
214/402 in Mixed Assets - Balanced EUR (Performance over 3 years) Average Total Return: 10.24%
Shrenick Shah
Shrenick Shah
7/70 in Alternative UCITS - Multi Strategy (Performance over 3 years) Average Total Return: 23.28%
Events
  • Citywire Alternative Ucits Retreat 2017

    Citywire Alternative Ucits Retreat 2017

  • Citywire Milan 2017

    Citywire Milan 2017

  • Citywire Paris 2017

    Citywire Paris 2017

  • Citywire Deutschland 2017

    Citywire Deutschland 2017

  • Citywire DACH 2017

    Citywire DACH 2017

  • Citywire Italy 2016

    Citywire Italy 2016

  • Citywire Milan 2016

    Citywire Milan 2016

  • Citywire Alt Ucits 2016

    Citywire Alt Ucits 2016

  • Citywire Berlin 2016

    Citywire Berlin 2016

  • Citywire Switzerland 2017

    Citywire Switzerland 2017

  • Citywire Amsterdam 2016

    Citywire Amsterdam 2016

  • Citywire Montreux 2016

    Citywire Montreux 2016

  • Citywire Deutschland 2016

    Citywire Deutschland 2016

  • Citywire Latin America 2016

    Citywire Latin America 2016

  • Citywire Milan 2016

    Citywire Milan 2016

  • Citywire Munich 2016

    Citywire Munich 2016

  • Citywire Paris Alt Ucits 2016

    Citywire Paris Alt Ucits 2016

  • Citywire Zurich Alt Ucits 2016

    Citywire Zurich Alt Ucits 2016