JP Morgan Asset Management has applied with the Monetary Authority of Singapore (MAS) to launch its Multi-Manager Alternatives Fund, which is a Luxembourg-domiciled Ucits product, to retail investors in the Lion City, according to the regulator’s records.
The firm is still waiting for a greenlight from the MAS, the records show.
The product was already launched to accredited investors in Singapore in 2016, according to data from FE Fundinfo. In Hong Kong, it is not yet registered with the Securities and Futures Commission.
FSA sought more information from JP Morgan AM, but the firm declined to comment.
In Singapore, there are only a few liquid alternative products, such as hedge funds, available to retail investors. Out of the 1,310 retail products in the Lion City, there are only 18 hedge funds available to the public, according to data from FE Fundinfo. For accredited investors, there are 206 approved hedge funds out of the 4,487 products available to the market segment.
Alternative products have been growing in Singapore, with hedge funds assets growing 8% in 2018, according to the latest MAS asset management survey report.
Investment strategy
The JP Morgan fund, which had $1.12bn in assets as of the end of December, invests in non-traditional or alternative strategies, which are managed by other third-party asset managers, according to its fund factsheet. For example, the fund’s exposure to long/short equity strategies is managed by four different fund managers.
According to the fund factsheet, JP Morgan AM will periodically review the allocation and may add, remove or modify these based on market consideration and opportunities.
Multi-Manager Alternatives Fund vs benchmark and category average
