JP Morgan establishes a new hedge fund program with fund of hedge funds manager Arden Asset Management.
JP Morgan Investment Bank (JPM) has selected independent fund of hedge funds manager Arden Asset Management (Arden) to manage its US$1.1 billion hedge fund of funds portfolio.
The investment banking arm of JPMorgan Chase and Co will also seed a number of new Arden funds and has made an investment in one of Arden's flagship portfolios, Arden Alternative Advisers SPC.
"Partnering with Arden, which has a proven track record of managing absolute return programs through many market cycles, enables us to continue participation in this attractive asset class, while better managing our overall capital commitments," JPM head of principal investment management Robert Case said.
As part of the agreement, a team led by JPM propriety hedge fund of funds chief investment officer Shakil Riaz will join Arden.
Riaz will also become a member of the Arden Investment Committee and continue his investment leadership role for the JPM assets.
Arden's Australian representative, Diversus Investment Management, said the fund manager was looking at establishing a local Australian trust and was in discussions with a number of groups.
"The integration of the JPM assets and team will offer our investors complementary strategies to Arden's traditional absolute returns programs and provide even greater depth of industry knowledge and manager contacts," Diversus Investment Management director Nicholas Smith said.
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