Silvio departs JP Morgan

By STEPHEN MARRIOTT 20/11/2008

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JP Morgan have announced that Silvio Tarca, head of quantitative research for JP Morgan’s Large Cap US Behavioural Finance Team has been made redundant. Dennis Ruhl, currently head of quant research and portfolio management for their US BF Small Cap team, has been appointed to head of US BF Quant research for both large and small cap portfolios in addition to his current portfolio management responsibilities.

Recommendation

The fund stays close to index weightings and uses a quantitative process to help identify those stocks that look relatively attractive or expensive. That is the process is quantitative with little human input. This process has always been managed on a team basis and that remains well resourced. Nonetheless, the fund is designed to offer core exposure to the US and we have been slightly disappointed by the fund’s ability to add value over a market cycle, which coupled with personnel changes, lead us to have less conviction. Therefore we have decided to downgrade it to three stars. We have also downgraded the offshore JPM US Dynamic fund to three stars as it is managed by the same team and process.

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Source: Financial Express