Talib Sheikh, former co-manager of the £956m JPM Global Macro Opportunities fund, is joining Jupiter Asset Management to build out its multi-asset presence, Investment Week can reveal.
Sheikh will join as head of strategy, multi-asset in June, and report directly to CIO Stephen Pearson, after spending two decades at JPMAM.
The group said he will lead Jupiter's strategic plans to build on its multi-asset business by offering investment strategies relevant to retail, wealth and institutional clients on a global level.
He will be working closely with the existing multi-asset team including fund managers Lee Manzi and Rhys Petheram.
CIO Pearson commented on the hire: "We are delighted to have attracted someone of Talib's calibre and look forward to his arrival at Jupiter. Talib's skillset is perfectly aligned with our strategic initiative to expand our international footprint in the multi-asset area, and he is well placed to spearhead this."
Sheikh added: "I am looking forward to joining Jupiter, having been impressed throughout the process by the dynamic and talented people I have met. The opportunity to build on the existing foundations of Jupiter's multi-asset business is an attractive proposition, and I am excited by the prospect of harnessing the active management skill in the business to deliver solutions for a global client base."
Katharine Dryer, head of investments, fixed income and multi-asset, continued: "Demonstrated over time and in a variety of market environments, Talib offers a powerful combination of active asset allocation and portfolio construction skills. Working closely with our existing team of specialists, his proven track record and broad product experience should enable us to equip our clients to meet their diverse investment goals in changing markets."
Sheikh has run the popular JPM Global Macro Opportunities fund with Shrenick Shah and James Elliot since launch in February 2013.
He was also co-manager of the €24bn Global Income SICAV alongside Michael Schoenhaut with whom he also managed the £380m JPM Multi-Asset Income fund with Eric Bernbaum. He also ran the £143m JPM Global Macro Balanced fund with Gareth Witcomb and James Elliot.
JPMAM said existing portfolio managers will continue to run the funds with some minor changes with immediate effect, but there are no changes to their investment processes.
Michael Schoenhaut and Eric Bernbaum will also continue to manage the SICAV versions of the Global Income and Global Income Conservative funds. In addition, Bernbaum will be added as co-manager on the Multi-Asset Income fund with Schoenhaut.
James Elliot and Shrenick Shah will continue to manage both the OEIC and SICAV versions of the Global Macro Opportunities strategy, as well as the Global Macro SICAV.
Elliot will also continue to run the OEIC and SICAV versions of the Global Macro Balanced strategy alongside Gareth Witcomb.
Meanwhile, Witcomb will continue running the Global Balanced fund and Katy Thorneycroft and Jonathan Cummings will be added as co-managers.
Sheikh was also set to co-manage the group's new multi-asset investment trust which launched last month. Thorneycroft and Witcomb, who were also named co-managers will continue to run the trust as normal supported by the wider multi-asset solutions team.
The board of the trust said: "The Board of JPI is delighted with the initial response to the offering and, with less than two weeks before the offer closes, remains confident that the IPO will be successful."
Sheikh, who was a member of the firm's global strategy team, joined JPMAM in 1998 as an assistant portfolio manager in derivatives implementation before moving on to manage balanced and tactical asset allocation overlay accounts since 2002.
He previously ran the group's UK Equity & Bond Income, Balanced Managed, Balanced Total Return and Diversified Real Return funds from around 2011 to the funds' closing.
A spokesperson for JPMAM said: "Portfolio manager Talib Sheikh has decided to leave the firm to pursue other opportunities.
"Our Multi-Asset Solutions platform uses a team-based approach with over 80 investment professionals contributing to its success. We have a deep bench of expertise that will allow us to maintain our strong investment performance and robust processes and we have every confidence in our experienced team.
"We thank Talib for his contributions and wish him the best in his future endeavours."
The Global Macro Opportunities fund has been a fast-growing product in recent years, thanks to its diversified macro-thematic investment approach which proven successful during uncertain times.
The fund had only £157m assets under management in early 2016 but this shot up to around £900m in just 12 months.
Over three years to 13 February, the JPM Global Macro Opportunities fund has returned 27%, outperforming both its IA Targeted Absolute Return sector average return of 6% and its LIBOR GBP 1 month benchmark return of 1%, according to FE.
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