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JPMorgan Fleming Buys Undiscovered Managers

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NEW YORK (–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.

Mr. Hurley and other senior executives will remain with the firm after the purchase, according to a statement from JPMorgan Fleming.

Mr. Hurley, who according to SEC filings owns Undiscovered Managers with Russell Ellis and Paul Perez, was not available for comment.

Filings show the UM Multi-Strategy Fund’s portfolio as of June 30 to be:

Fund Name Amount (US$ million)
Canyon Value Realization Ltd. 3.4
Recon Arbitage Fund Ltd. 1.1
SVM Highlander Ltd. 2.3
Atlas Capital Master Fund LP 3.5
Bellmore Partners LP 1.4
Bonanza Partners LP 3.6
Condor SF Partners LP 1.9
Contrarian Capital Fund LP 3.4
CRM Windridge Partners LP 1.1
Davidson Kemper Partners LP 3.3
Forstman Partners II LP 1.1
Hourglass Fund LP 3.1
Island Drive Partners LP 1.8
Japan Long/Short Partners LP 2.4
JPD Capital Partners LP 1.2
Kingsford Capital Partners LP 2.0
Leveraged Short Equity Index Hedge LP 1.5
Mast Credit Opportunities LP 1.1
Newcastle Partners LP 3.5
October Fund LP 2.6
Private Investors US LP 2.9
Radiant Capital Fund LLC 1.1
Reynard Partners LP 0.7
SC Fundamental Value Fund LP 2.9
SEG Partners LP 3.1
Symmetry Capital Partners LP 3.5
Third Point Partners LP 2.3
Trellus Partners LP 2.7
Vardon Partners LP 3.5
Ventana Partners LP 3.6
Total 71.8

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