On 29^th March 2019, J.P. Morgan Asset Management (JPMAM) announced that James Elliot, International CIO and co-manager on the JP Morgan Global Macro Opportunities fund, has left the company.  As a result of this news, we have decided to remove the fund from our Recommended list.

Existing co-manager, Shrenick Shah, has been promoted to lead manager.  Mr Shah is an established member of JPMAM’s Multi-Asset Solutions team, which will now report to Rob O’Rahilly, Co-Head of Multi-Asset Solutions, who has taken on Mr Elliot’s international investment oversight responsibilities.

There are no plans to change the investment philosophy or the process underpinning the fund, which have been honed over many years under Mr Elliot’s stewardship.  The process is team-based and disciplined, with portfolio managers in the Multi-Asset Solutions (MAS) team working collegiately on the management of JPMAM’s broad suite of multi-asset products.  The portfolio managers in the MAS team also work closely with JPMAM’s individual asset class specialists, who provide their input to the broader process.  In the case of the JP Morgan Global Macro Opportunities fund, Mr Elliot’s own views and interpretations have had a significant influence on the fund and hence the outcomes experienced by investors.

The fund is differentiated from other multi-asset solutions that reside in the IA Targeted Absolute Return sector and the product has been thoughtfully developed by the MAS team.  With this in mind, we are keen to meet with them in the coming months as the changes take effect.  However, for now, the fund has been withdrawn from our service.