JP Morgan Asset Management has launched a new multi-asset fund enabling investment chief James Elliot to back his best macro ideas. 

Elliot, who is chief investment officer for Europe and Asia in the firm’s global multi-asset group (GMAG) division, will be supported by fund managers Talib Sheikh and Shrenick Shah on the JPM Multi-Asset Macro fund.

The trio take what they perceive to be the best ideas from across GMAG in a bid to provide a total return above cash, net of fees, over rolling 12 month periods. 

The fund aims to exploit inefficiencies across a wide spectrum of sectors, including equities, bonds, commodity index instruments, currencies, convertible securities, collective investment schemes and other linked instruments, such as derivatives.

It becomes the fourth fund in the JP Morgan multi-asset suite, sitting alongside the JPM Multi-Asset Income, Cautious Total Return and Balanced Total Return funds.

Mike Parsons (pictured), JP Morgan Asset Management head of UK fund sales, said: ‘Our GMAG investment team has a vast amount of experience investing across asset classes, particularly James Elliot.

‘There is significant demand within the UK for total return funds – as evidenced by the growth in the IMA’s absolute return sector in recent years, which has seen assets under management grow from around £3.7 billion in 2008 to some £27.4 billion in 2012.’

Sheikh’s Multi-Asset Income fund is up 28.4% over three years compared to a 20% peer group average.