On 14^th February 2018, J.P. Morgan Asset Management (JPM) announced that Talib Sheikh, co-manager of the JPM Global Macro Opportunities fund and the JPM Multi-Asset Income fund, has left the company.

The following changes have been made to the management teams of the funds:

• JPM Global Macro Opportunities: existing co-managers, James Elliot and Shrenick Shah, will continue to run the fund.  They are members of the Multi-Asset Solutions (MAS) team, which is extremely well-resourced and based in offices around the world.  The managers work closely with the Global Multi-Asset Strategy team, led by John Bilton, which generates the proprietary research forming the framework for the investment process.
• JPM Multi-Asset Income: Existing co-manager, Michael Schoenhaut, continues in this role and has been joined by Eric Bernbaum.  Mr Bernbaum has been a member of the MAS team in New York since inception of JPM’s income product suite.  He is named manager on the JPM Global Income fund (SICAV) and JPM Income Builder (a US mutual fund).  Both managers have the required experience running income-generating products.

There are no changes to the investment approaches applied to either of the funds.  The process is team-based and disciplined, with portfolio managers in the MAS team working collegiately together and bringing their own expertise to bear on JPM’s broad suite of multi-asset products.  The portfolio managers in the MAS team also work closely with JPM’s individual asset class specialists, who provide their input to the broader process and run specific sleeves of multi-asset funds, as appropriate for individual mandates and objectives.

Given the team and process-driven backdrop to the management of these funds, we retain them both on our Recommended list.  As always, following important changes, we will be reviewing the funds particularly closely to ensure that investors’ expectations continue to be met.