JP Morgan Bond CIO Nick Gartside Exits

JPM Chief Investment Officer, Global Fixed Income, Nicholas Gartside is leaving the firm to pursue other opportunities it has been confirmed

Emma Wall 4 January, 2019 | 10:13AM

JP Morgan CIO Nick Gartside quits

JP Morgan Global Fixed Income, Currencies & Commodities Group International Chief Investment Officer Nicholas Gartside has decided to leave the firm to pursue other opportunities, the asset manager has confirmed.

In a statement, JPM details that Iain Stealey will take over Nick’s role as CIO. Stealey will also continue to co-manage Gartside’s funds, alongside Robert Michele, Chief Investment Officer and Head of Global Fixed Income.

“Iain, who has been with JPMAM for more than 16 years, has been named on these funds since their inception alongside Robert Michele. There will be no changes to the existing investment processes” JPM confirmed this mornning.

“Bob and Iain will continue following the firm’s team-oriented investment discipline, drawing on the global resources of JPMAM’s fixed income platform with over 280 investors.”

The funds impacted by the move are the Morningstar Analyst Neutral Rated JPMorgan Funds - Global Bond Opportunities Fund (SICAV). Morningstar analysts expect to retain the Neutral rating despite the exit due to the continuity of the two other co-managers.

Analysts expressed concerns over the summer that the fund had yet to prove itself through a market cycle saying: “Despite the fund’s strong performance since inception, we believe the fund’s process still needs to prove itself in a wider variety of market conditions.”

The fund earn a four-star performance rating, and returned 4% last year against a challenging backdrop for bonds. The fund has earned investors three year annualised returns of 9.52%, beating both the category average and the index.

Other funds impacted by Gartside’s exit are the JP Morgan Funds - Global Strategic Bond Fund (SICAV), JP Morgan Unconstrained Bond Fund and the Neutral rated JP Morgan Global Bond Opportunities Fund.

Gartside joined JP Morgan from Schroders in 2010, following his former co-manager Michele who had made the same move two years earlier.

Morningstar analysts previously said of the pair: “Both are seasoned investors boasting more than two decades experience and they had previously worked together at Schroders for almost a decade, making their collaboration at JP Morgan more effective.”

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
JPM Global Bond Opportunities C Grs Acc1.10 GBP0.00
JPM Global Bond Opps C (acc) USD113.23 USD-0.40
JPM Global Strat Bd A perf (acc) USD122.59 USD-0.36
JPM Unconstrained Bond A Grs Acc0.71 GBP-0.01

About Author

Emma Wall

Emma Wall  is Senior International Editor for Morningstar