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December 02, 2003 at 07:00 PM
NEW YORK (HedgeWorld.com)–JPMorgan Fleming Asset Management purchased some of the assets of Undiscovered Managers LLC, Dallas, including its nascent hedge fund business, for an undisclosed amount.
Mark Hurley, chief executive and chairman of Undiscovered Managers, established the firm as a manager of managers in the mutual fund world. Its funds had about US$450 million in assets as of Sept. 30, according to its web site.
Last year the firm launched a U.S. Securities and Exchange Commission-registered hedge fund, UM Multi-Strategy Fund, which is subadvised by Cadogan Management LLC, New York. As of June 30, the fund had US$80.7 million in assets, according to SEC filings.
A spokeswoman for JP Morgan Fleming said the deal includes Undiscovered Managers’ hedge fund business but declined to discuss specifics.
