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JPMAM Europe equity absolute return manager to exit

JPMAM Europe equity absolute return manager to exit

A manager of two European equity funds will leave JP Morgan Asset Management next year to return to his native Australia, the company has confirmed.

David Allen currently co-manages the JPM Europe Equity Absolute Alpha and JPM Europe Equity Plus funds with Citywire A-rated Michael Barakos and Citywire + rated Nicholas Horne.

A spokesperson for the asset manager confirmed there would be no changes to the investment process following Allen's departure, a former professional rugby player who joined JPM in 2002.

Allen’s co-managers will continue to manage the funds with a team based approach and Allen will work with the managers to ensure a smooth transition.

During his tenure, Allen was assigned to the JPM Europe Equity Absolute Alpha fund since at its launch in December 2013. The $600 million fund was hard closed to new investors in May 2015 following significant inflows.

Meanwhile, he was named on the JPM Europe Equity Plus fund in January 2015, with this strategy having been launched in June 2007. This fund was also subject to limitations, with it being soft closed to new investors in October 2014.

Over a three year period to the end of July 2016, the JPM Europe Equity Plus fund returned 9.20% in euro terms. This compares to a rise of 4.65% of its benchmark the FTSE World Europe TR EUR over the same time frame.

Meanwhile, the JPM Europe Equity Absolute Alpha fund lost 6.3 in euro terms over the year to the end of July 2016, which compares to the sector average loss of 4.9% in the Alt Ucits - Long/Short sector over the same period.

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Michael Barakos
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18/24 in Equity - Europe Income (Performance over 3 years) Average Total Return: 21.65%
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