JP Morgan Launches Emerging Markets Fund Of Hedge Funds

Mar 20 2007 | 12:22pm ET

JP Morgan this month launched a fund hedge of funds dubbed the Londinium JPM Emerging Fund, and has appointed Redi & Partners as the vehicle’s investment advisor.

Redi has selected 19 underlying funds with initial allocations to each fund limited to 5% of the portfolio’s assets, according to fund documents. Allocations have been made to funds focused on BRIC countries employing long/short, event-driven, fixed-income, global-macro, and debt-related strategies.

Some underlying managers within the portfolio include Thames River, Ashmore Investment Management and Gartmore Investment Management. 

Since emerging markets are more susceptible to sudden market changes, 5% of the fund’ portfolio is held in cash and 45% is invested in managed accounts to offer investors a “unique level of liquidity,” according to JP Morgan. “Thus 45% of the portfolio could be used to quickly implement hedging transactions in case of adverse changes [to] market conditions,” the firm said.

The new multi-strategy emerging market offering charges fees of 1% for management and 10% for performance. BNP Paribas Fund Services is the administrator for the fund.

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