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JPM to liquidate Alt Ucits commodities fund

by Chris Sloley on Jan 03, 2014 at 13:18

JPM to liquidate Alt Ucits commodities fund

JP Morgan Asset Management is set to liquidate its Alternative Ucits commodities fund next month following a drop in assets under management.

The JPM Highbridge Diversified Commodities fund is set to be closed on February 7, according to a letter to shareholders seen by Citywire Global.

It ceased to accept new money into the fund from December 12 2013 except in exceptional circumstances, JP Morgan said.

The Luxembourg-domiciled fund had been launched in March 2011 and run by JPM’s alternative investment arm, Highbridge Capital. The lead managers on the fund were Mark Nodelman and Sassan Alizade.

It was designed as a ‘first of its kind’ fund, which invested in pure commodities through total return which JPM said removed the equity risk associated with other commodities funds.

In the letter to investors, which was sent on December 23, JPM said: ‘We have recently been considering the future of this sub-fund in light of its size and limited prospects of significant investment from new investors from the sub-fund’s target markets.’

‘Also Highbridge Capital Management, LLC, the sub-fund’s investment manager, has now decided to no longer offer the strategy of the sub-fund based on the conclusions of a strategic review.’

According to data from Lipper IM, the fund currently has $3.2 million in assets under management. It had reached $35.5 million in August 2011.

Over the 12 months to the end of November, the JPM Highbridge Diversified Commodities fund lost 20.2%. The average manager in the Citywire Alternative Ucits Commodities sector lost 5.23% over the same period.

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